Venezuela is in the throes of an unprecedented economic collapse. Oil, Venezuela’s lifeblood, is being mismanaged by Petróleos de Venezuela (PDVSA), the country’s state-owned oil company. Faced with dwindling revenue from PDVSA, the government has relied heavily on credit from its central bank to finance government expenditures. Meanwhile, the Banco Central de Venezuela has turned on the printing presses, creating a crisis of hyperinflation.
Ranking de miseria de los países por el método Hanke