The country with the world’s largest proven oil reserves was declared to be in a debt default by Standard & Poor’s this week. Like many petrostates, once-rich Venezuela has squandered its natural wealth, mainly by a poverty of democracy. To fix the debt crisis will now require that its socialist dictator, President Nicolás Maduro, return the country to democratic ideals, starting with a presidential election slated for next year.
A petrostate’s path back from the debt brink. This article is published at 15 November 2017 03:38 from Yahoo International news, click on the read full article link below to see further details.