Venezuela isn't its own man anymore

https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Imports-From-Venezuela-Plunge-To-Lowest-Since-2012.html

And this is what happens, my friends, when you get so far into debt. You're beholden to your creditors. Venezuela pumps at the mercy of the Chinese and the Russians now. It is no longer its own man, regardless of what Maduro would like the world to believe. 

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Is not only about debt payments. Corrupt government officials have disappeared around $800 billion from the economy and they didn't take care of reinvesting at least some of the money to keep the industry going so it's the perfect storm. However, there's no changing of this government in sight in the near future. Sad. Very sad.

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I agree. Venezuela's failure can be attributed to a mix of corruption, falling oil prices, a heavy rely on imports and the complete failure of the state to diversify the economy. According to World Bank report 96 percent of Venezuela's export is oil. 

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Well, you gotta understand that the fact we didn't diversify the economy was done totally on purpose. The idea behind it is total and absolute control of everything. Of course we know how efficient governments are managing enterprises. But they knew this from the very beginning, there are audio records of an ex high ranking government official saying "We have to keep them poor, that's the way we stay in power."

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1 hour ago, Mauricio Machado said:

 "We have to keep them poor, that's the way we stay in power."

the all-too familiar m.o. of the power hungry

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