October 27, 2017:
The chaos in Venezuela could get much worse

As it sinks deeper into chaos, Venezuela has huge bills coming up, and it still hasn't paid debts that were due weeks ago.
The country's state-run oil company, PDVSA, on Friday paid roughly $900 million to bondholders, but it still owes $350 million more that was due earlier this month.
Many experts who follow Venezuela's economy see a government default as inevitable. The consequences of that would be severe for a nation of 30 million people that's already running out of food and medicine.
Making matters worse: More bills come due next week. On November 2, Venezuela owes $1.1 billion. It will have only a three-day grace period before a default occurs. Venezuela's bonds are owned by an array of investors, from Wall Street strategists to ordinary Americans with 401(k)s.

Videos:
http://money.cnn.com/2017/10/27/news/economy/venezuela-debt/index.html

The government has slowly drained its savings to pay down debt. In 2011, its central bank had $30 billion. In 2015, $20 billion. This year: $10 billion. By comparison, Venezuela's neighbor Colombia has four times as much in reserves: $46 billion.

Leaders from across the Western Hemisphere met in Toronto on Thursday to condemn Venezuela's authoritarian regime, which has allowed the country's vast resources -- it has more crude oil than any other nation -- to go to waste.

"The government of Venezuela is choosing the path of dictatorship," Canada's Foreign Minister Chrystia Freeland told her counterparts in Toronto. Its regime "must face consequences that go beyond harsh words and condemnations."

Tragic for the people there.