Based on information from the Finance Ministry, the domestic debt in Venezuela at the end of March 2010 amounted to USD 24.6 billion. In March 2013 it stood at USD 48.6 billion – a staggering increase of 97.5% in just three years. Levels of public expenditure sanctioned by Chavez with a complete disregard for public accountability and any sense of what could be reasonably maintained, even at record oil prices, have led to this alarming increase. The Government has been forced to borrow given that record oil revenues and tax collection are not enough to meet rocketing public expenditure. The nonsense underlying the repressive populism of Chavismo is clear to be seen. Now Venezuelans are having to pay the bill. massive devaluations, the last by 32% in February 2013, are making the problem worse.
Venezuela is a broken and “broke” country – brilliant, Hugo.