Things only got worse from 2010-15. When prices crashed again, the country had no cushion. 4x higher debt. But instead of defaulting, the govt insisted on paying Wall Street -- even at the cost of domestic austerity.
Steven Bodzin, unpunny on Nostr: npub1trdnq…gussx Not really, but here: external debt and oil prices. Note that debt ...
npub1trdnqrfstufc45awha43p6xy2n0v6czuhapzh4r09hap08dg0c6s9gussx (npub1trd…ussx) Not really, but here: external debt and oil prices. Note that debt rose from less than $36bn in the pre-2002 period to $64bn by mid-2008, before Chavez's first big oil crash.
Things only got worse from 2010-15. When prices crashed again, the country had no cushion. 4x higher debt. But instead of defaulting, the govt insisted on paying Wall Street -- even at the cost of domestic austerity.
Things only got worse from 2010-15. When prices crashed again, the country had no cushion. 4x higher debt. But instead of defaulting, the govt insisted on paying Wall Street -- even at the cost of domestic austerity.