According to both Moody’s and S&P Global, it failed to make $200 million in payments that were due on November 12, immediately resulting in the declaration by the credit rating agencies that Venezuela is officially in “selective default.”
As many have predicted, Venezuelan President Nicolás Maduro's inability to make principal and interest payments on his government's debt is threatening his regime.
Venezuelan dictator Nicolás Maduro banned elected opposition mayors from taking office, replacing them with allies. His regime is supported by big banks and other countries such as Russia and China.
Overshadowed by his remarks concerning North Korea’s “Rocket Man” and the “worst ever” Iranian nuclear deal, President Donald Trump’s views on Venezuela in his speech at the United Nations on Tuesday were soft-pedalled by the mainstream media.
The weight of Maduro's unpayable debt, Trump's sanctions, and Harvey's weather are working together to sink Maduro.
Maduro is a Marxist thug and a tyrant and his people are dying thanks to the imposition of his socialism. But does that justify military intervention by the United States?
Patience is one attribute missing in much of America's foreign policy decisions. In the case of Venezuela's Nicolás Maduro, who is trying to install himself as a dictator, a little patience could solve the problem.
Raids against the Maduro regime will be futile as long as the heavy Cuban influence in Venezuela dating back decades is in place.
The United States is helping squeeze Venezuela's rulers, and Venezuela's future could be bright once the blight of Maduro and his Chavism has been removed, if Maduro is not succeeded by another Marxist.