Corbyn’s ‘socialist paradise’ Venezuela defaults on international debts
Country hailed as an inspiration by Labour's loony leftie leader has missed two interest payments on massive loan
VENEZUELA has defaulted on its debt according to international investors as the country heads to bankruptcy.
S&P Global Ratings said the South American country missed two interest payments for its $200m coupon.
The announcement on Tuesday came after Venezuelan government officials met with bondholders in Caracas.
Now the socialist nation, that Jeremy Corbyn claimed had a “better” approach to governance than Europe, risks amplifying Venezuela’s food and medical shortages.
In total, the country owes far more at $196 billion according to a Harvard Law Roundtable paper.
Its state-run oil company, PDVSA, owe more than $60 billion just to bondholders.
The Labour leader, despite calling the increasingly authoritarian state an “inspiration,” has still refused to take back his praise for the failed far-left experiment.
In 2013 Mr Corbyn hailed Venezuela for marching towards the Labour leader’s socialist ideals.
Earlier this year after the people rose against the rule of the Maduro regime, Mr Corbyn instead denounced violence on “both sides”.
