Crappy Caracas

venezuelaWhile all oil-producing nations are suffering as oil prices collapse, the hardest hit nation is Venezuela. It’s getting crushed as oil prices collapse since oil accounts for 95% of export earnings, 45% of budget revenues and 12% of GDP. If oil prices don’t rebound soon, Venezuela will default on its $35 billion in foreign debt, unless Beijing continues lending Venezuela more money on top of the $50 billion already lent.

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