Their government is really continuing to screw the residents badly.
Can you say; "TRIGGERED" "DERIVATIVES" ??
The life is being squeezed out of those poor residents, who need to separate from the state in every way, and adopt crypto as a way out of this nonsense, going on forever.....
Venezuela stopped bond payments in September --
Venezuela stopped paying bondholders in September, according to central bank data, contradicting statements by President Nicols Maduro that the country would continue to honor its debts while negotiating a resettlement with its creditors.
The data show that regular foreign debt payments of hundreds of millions of dollars a month, in line with the country's sovereign obligations, fell to a few tens of millions from last October for fees and the legacy of a 1980s-era restructuring.
"This proves that Venezuela is deliberately hoodwinking bondholders and engaging in a stealth default," said Russ Dallen of boutique bank Caracas Capital, who follows Venezuelan debt closely. ...
--
From Months ago elsewhere I found this:
....the U.S. rating agency Standard & Poor's, S&P, downgraded the country's CC rating (very vulnerable) to "selective default" due to non-payment of US$200 million of the coupon on its bonds 2019 and 2024 within the 30-day grace period ..
... For the remainder of the report: Financial Times, London
https://www.ft.com/content/c291cb76-3c20-11e8-b9f9-de94fa33a81e
By Jonathan Wheatley
Monday, April 9, 2018
Venezuelans also need food, Venezuelans work for 1$ per week in most instances since inflation eats away any value left in their minimum wage earnings. Currently it is not active but I will be attempting to create a non-profit charity where any upvotes or direct donations that I will get on steemit.com I will donate to hungry Venezuelans, I will do this by having my friend who currently lives in Venezuela to record the process of him giving a bag of food to a needy person. You may check a video on youtube.com done by my friend in Venezuela from private donations I have acquired here in the USA, in where he gives a bag of food to a hungry child with just 5$ per child(currently it is in Spanish but I will have him make an Enlgish version). Each and every donation will be verified by a video of the process of the actual donation and even a sidenote given to the needy person in video "donated by ____(username)_____". Nonetheless I think Venezuelans really need some type of stable crypto for them to safely hedge against inflation, I completely agree. Ironically they have their own government issued crypto, the Petro, "backed by oil reserves", which are still ironically in the ground.
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Venezuelan government hopes that a new digital coin might be able to counteract the country’s economic collapse. They have to make decisions about crypto.
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Actually, Venezuela needs more than crypto, they need to git rid of that government first and foremost!
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