"It is yet another ‘miracle of socialism’ that a country with the world’s largest oil reserves can go almost broke. Venezuela’s total oil reserves stand at an estimated 296.5 billion barrels, which is higher than Saudi Arabia’s 265.4 billion barrels. But the cash-strapped country is struggling to get investments and technical expertise to convert its oil reserves into revenue.Socialist leader Hugo Chávez got elected as country’s President in 1999 and introduced the ideology of “Socialism of the 21st Century”. Chávez enacted a new constitution, taking control of the state and the economy to carry out his “socialist revolution”.
Chávez, and later his protégé Nicolás Maduro, managed to win consecutive elections largely due to their policies of social redistribution — but as it always happens — they have finally run out of other people’s money. British newspaper Financial Times reports:"
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