Venezuela is one of the saddest country in the world. It was driven from the economic situation which occurs mainly in world oil prices continue to decline.
Based on the annual list compiled The Cato Institute, Venezuela ranked top misery index for two consecutive years. List it combines state-level data inflation, interest rates and unemployment. Plus the growth in gross domestic product (GDP). So quoting from page Business Insider, Sunday (01/25/2015).
Why does Venezuela have to face the difficult economic situation during the past year ?. The price of oil into the answer. About 95 percent, oil became one of the country's main export commodities. World oil prices has continued to fall, and makes Venezuela entering the country must face a difficult economic situation. Now the government has run out of funds.
Over the years, the legacy of Hugo Chavez made his successor Nicolas Maduro had to change the social programs are expensive. The country is already drowning in debt plus falling oil prices make the country quickly face a bad situation.
Venezuela collecting 106.3 points for the misery index. Under Venezuela namely Argentina with 68 points. Venezuela to Argentina is quite similar. Both countries also have a major problem, especially inflation. Venezuela's inflation rate reached more than 60 percent. While about 40 percent of Argentina.
With world oil prices fell today, creditors could only watch. Venezuela was expected to defaut or fail to pay the debt, and it seems the amount of restructuring the country's debt increased from day to day.
