Venezuela is in economic ruin, which is why so many Venezuelans have fled to South Florida. Still, Venezuela keeps making payments on its massive foreign debt. But debt ratings agencies are suddenly using the “d” word. As in default. But what does that really mean?
Thanks to reckless government mismanagement and falling oil prices, Venezuela is running out of money. It has less than $10 billion in foreign reserves left – yet it’s staring at almost $10 billion in foreign debt payments due over the next year.