Why Venezuela has been selling its gold - To Pay its debts Video

http://www.illuminatisilver.com

Today is Friday 30th October 2015 and we are briefly discussing the reasons why Venezuela has been selling its gold.

In February 2015 Venezuela had the equivalent of $14 billion in gold reserves; by May this had fallen to $11.7 billion –Why? Because it has had to “sell some of its gold reserves to make debt payments” says Edward Glossop, emerging markets economist at Capital Economics. "Cash reserves are almost virtually zero." He added.

Despite having the world's largest oil reserves and with almost 98% of its external revenue coming from oil exports, its currency has plummeted, inflation has skyrocketed to over 100% and it cannot pay for basic imports. Venezuela's economy is expected to shrink 10% this year, according to the IMF.

It does not take a mathematician to calculate that with $15 billion worth of liquid reserves and $3 billion to be paid this week and $12 billion in 2016, Venezuela only has 12 months left, to hope that oil prices rise, otherwise default will inevitably occur.

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