2013–present economic crisis in Venezuela

Ongoing event in Venezuela the socioeconomic and political crisis in Venezuela other uses Venezuelan crisis (disambiguation) March 2021 The Venezuelan economic crisishttps://elestimulo.com/elinteres/la-gran-depresion-economica-de-venezuela/ La crisis venezolana ya tiene nombre: Gran depresión económica 23 October 2016 is the deterioration that began to be noticed in the main macroeconomic indicators from the year 2012, and whose consequences continue, not only economically but also politically and socially. The April 2019 International Monetary Fund (IMF) World Economic Outlook described Venezuela as being in a "wartime economy". https://www.bloomberg.com/news/articles/2019-04-09/venezuela-unemployment-nears-that-of-war-ruined-bosnia-imf-says Bloomberg Venezuela unemployment nears that of war-ruined Bosnia, IMF says Biller, David and Patricia Laya 9 April 2019 9 April 2019 For the fifth consecutive year, Bloomberg rated Venezuela first on its misery index in 2019. https://www.straitstimes.com/business/economy/venezuela-ranked-worlds-most-miserable-economy-singapore-is-third-least The Straits Times 17 April 2019 18 April 2019 Venezuela ranked world's most miserable economy, Singapore is third-least Bloomberg Origins Economy of Venezuela The origin of this economic collapse, framed in the context of the Great Recession, years after the improvement of the extraction of unconventional hydrocarbons in the U.S., showed a macro-economic phenomenon of great importance for the region. China's slowdown, a steady increase in oil production, and stable demand generated a surplus of crude oil that caused a drop in prices of reference crude oil, West Texas Intermediate (WTI), and Brent Crude, falling in 2014 from $100 a barrel to $50 a barrel, and causing unfavourable changes in the economy of Venezuela (see 2010s oil glut).April 2019 Owing to high oil reserves, lack of policies on private property and low remittances, by 2012, 90% of Venezuela's revenues came from oil and its derivatives. With the fall in oil prices in early 2015 the country faced a drastic fall in revenues of the US currency along with commodities. In addition, the government had not made policy changes to adapt to the low petroleum price. In early 2016, The Washington Post reported the official price of state-retailed petrol was below US$.01 per gallon, and the black market valued the dollar at 150 times what the official state currency exchange rate did.https://www.washingtonpost.com/opinions/inflation-poverty-food-shortages-venezuela-heads-toward-disaster/2016/02/11/10aad5b4-d035-11e5-88cd-753e80cd29ad_story.html Prepare for the worst: Venezuela is heading toward complete disaster Board Editorial 11 February 2016 The Washington Post 1 May 2017 Board Editorial 0190-8286 Business and industry In 2013, Venezuela ranked as the top spot globally with the highest misery index score.Hanke John H. Measuring Misery around the World http://www.cato.org/publications/commentary/measuring-misery-around-world The CATO Institute 30 April 2014Steve H. Hanke http://www.cato.org/people/steve-hanke Cato Institute 1 July 2015 right|upright=1.5|thumb|Ratings for Venezuela from 1998 to 2017 by the U.S. Government-funded NGO Freedom House https://freedomhouse.org/sites/default/files/Individual%20Country%20Ratings%20and%20Status%2C%201973-2015%20%28FINAL%29.xls Individual country ratings and status Freedom House 8 April 2019 (1 = Free, 7 = not free) A number of foreign firms have left the nation, often due to quarrels with the socialist government, including Smurfit Kappa, Clorox, Kimberly Clark and General Mills; the departures aggravate unemployment and shortages.https://www.wsj.com/articles/help-we-need-a-boss-here-workers-anguish-as-firms-leave-venezuela-1541586601#comments_sector Venezuelans despair as companies flee Vyas, Kejal 7 November 2018 The Wall Street Journal 8 April 2019 subscription Domestic airlines are having difficulties because of hyperinflation and parts shortages, and many international airlines have left the country. https://www.reuters.com/article/us-venezuela-airlines/venezuelas-domestic-airline-industry-suffers-amid-economic-crisis-idUSKBN1JW24X Reuters 6 July 2018 8 April 2019 Venezuela's domestic airline industry suffers amid economic crisis Buitrago, Deisy and Fabián Andrés Cambero Airlines from many countries that have left Venezuela including AeroMexico, Air Canada, Avianca (Colombia), Delta, and Lufthansa, making travel to the country difficult. According to the International Air Transport Association (IATA), the Government of Venezuela has not paid US$3.8 billion to international airlines in a currency issue involving conversion of local currency to U.S. dollars. https://www.bizjournals.com/atlanta/news/2017/08/01/last-direct-flight-from-atlanta-to-venezuela-being.html Atlanta Business Chronicle Delta pulling last direct flight from Atlanta to Venezuela 1 August 2017 8 April 2019 Mandel, Eric Airlines have left for other reasons, including crime against flight crews, stolen baggage, and problems with the quality of jet fuel and maintenance of runways. https://www.bloomberg.com/news/articles/2017-08-09/stick-ups-and-dirty-fuel-mean-airlines-hate-flying-to-venezuela Bloomberg Why airlines hate flying to Venezuela Tanzi, Christine Jenkins 9 August 2017 8 April 2019 American Airlines, the last U.S. airline serving Venezuela, left on 15 March 2019, after its pilots refused to fly to Venezuela, citing safety issues. https://www.nbcnews.com/news/us-news/american-airlines-suspends-flights-venezuela-over-safety-concerns-n983781 American Airlines suspends flights to Venezuela over safety concerns NBC News Associated Press 15 March 2019 8 April 2019 Iranian Mahan Air (blacklisted by the U.S. since 2011 https://www.foxnews.com/world/us-blacklisted-iranian-airline-begins-direct-flights-to-venezuela US-blacklisted Iranian airline begins direct flights to Venezuela Suarez Sang, Lucia I FOX News 8 April 2019 8 April 2019) began direct flights to Caracas in April 2019, https://www.ntn24.com/america-latina/venezuela/mahan-air-inaugura-vuelo-directo-entre-iran-y-venezuela-105681 NTN 24 es Mahan Air inaugura vuelo directo entre Irán y Venezuela 8 April 2019 8 April 2019 Mahan Air inaugurates direct flight between Iran and Venezuela "signifying a growing relationship between the two nations" according to FOX News. Gross domestic product Estimated to drop by 25% in 2019, the IMF said the contraction in Venezuela's GDP—the largest since the Libyan Civil War began in 2014—was affecting all of Latin America. In 2015 the Venezuelan economy contracted 5.7% and in 2016 it contracted 18.6% according to the Venezuelan central bank.https://www.reuters.com/article/us-venezuela-economy/venezuela-2016-inflation-hits-800-percent-gdp-shrinks-19-percent-document-idUSKBN154244 Venezuela 2016 inflation hits 800 percent, GDP shrinks 19 percent Pons Corina 20 January 2017 Reuters 15 November 2017 Oil generates about 96% of Venezuela's export revenues; oil prices have fallen when the country faces runaway inflation and a severe scarcity of basic products. In reference to the anti-government protests that shook Venezuela earlier this year,June 2018 smuggling and of hoarding essential products, the central bank said that those "actions against the national order prevented the full distribution of basic goods to the population, as well as the normal development of the production of goods and services. This resulted in an inflationary upturn and a fall in economic activity".April 2019 Inflation Hyperinflation in Venezuela thumb|upright=1.75|The value of one US dollar in Venezuelan bolívares fuertes (before 20 August 2018) and soberanos on the black market through time, according to DolarToday.com. Blue and red vertical lines represent every time the currency has lost 99% of its value. This has happened almost five times since 2012, meaning that the currency is worth, as of November 2020, almost 1 billion times less than in August 2012. Inflation in Venezuela remained high during Chávez's presidency. By 2010, inflation removed any advancement of wage increases.El ocaso del chavismo: Venezuela 2005-2015 López Maya Margarita ???? 2016 9788417014254 354–355 The inflation rate in 2014 reached 69%Venezuela 2014 inflation hits 68.5 pct - Central Bank https://www.reuters.com/article/venezuela-inflation/venezuela-2014-inflation-hits-68-5-pct-central-bank-idUSL1N0VN2H720150214 13 February 2015 26 May 2018 and was the highest in the world.https://www.reuters.com/article/us-venezuela-economy/venezuela-annual-inflation-180-percent-opposition-newspaper-idUSKCN0RV4WN20151001 Venezuela annual inflation 180 percent 1 October 2015 Reuters 15 November 2017Patton Mike The Three Countries with the Highest Inflation https://www.forbes.com/sites/mikepatton/2014/05/09/the-three-countries-with-the-highest-inflation/#6128ab54172e 9 May 2014 17 April 2018 It increased to 181% in 2015, 800% in 2016,Venezuela country profile (Economy tab), World in Figures. Copyright © The Economist Newspaper Limited 2017. (Retrieved 14 June 2017.) 4,000% in 2017https://www.reuters.com/article/us-venezuela-food/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits-idUSKCN1G52HA Venezuelans report big weight losses in 2017 as hunger hits Sequera Vivian 21 February 2018 Reuters 23 February 2018 and 2,295,981% in February 2019.Au Venezuela, l'inflation annuelle avoisine les 2 millions pour cent https://www.lefigaro.fr/flash-eco/au-venezuela-l-inflation-annuelle-avoisine-les-2-millions-pour-cent-20190314 Le Figaro 14 March 2019 fr 14 March 2019 In November 2016, Venezuela entered a period of hyperinflation.https://www.forbes.com/sites/stevehanke/2018/08/18/venezuelas-great-bolivar-scam-nothing-but-a-face-lift/#7edf9d24c23e Venezuela's Great Bolivar Scam, Nothing but a Face Lift Hanke Steve 18 August 2018 Forbes 19 August 2018 The Venezuelan government "essentially stopped" producing inflation estimates in early 2018.Krauze Enrique 8 March 2018 Hell of a Fiesta https://www.nybooks.com/articles/2018/03/08/venezuela-hell-fiesta/ New York Review of Books 23 April 2018* https://www.washingtonpost.com/world/the_americas/us-officials-16-nations-agree-to-track-venezuela-corruption/2018/04/19/773021c2-43f6-11e8-b2dc-b0a403e4720a_story.html US officials: 16 nations agree to track Venezuela corruption Goodman Joshua 19 April 2018 The Washington Post 20 April 2018 Alonso Lugo Luis 0190-8286 19 April 2018 https://web.archive.org/web/20180419222145/https://www.washingtonpost.com/world/the_americas/us-officials-16-nations-agree-to-track-venezuela-corruption/2018/04/19/773021c2-43f6-11e8-b2dc-b0a403e4720a_story.html dead From 2017 to 2019, some people became video game gold farmers and could be seen playing games such as RuneScape to sell in-game currency or characters for real currency; gamers could make more money than salaried workers by earning only a few dollars per day.Rosati Andrew Desperate Venezuelans Turn to Video Games to Survive https://www.bloomberg.com/news/articles/2017-12-05/desperate-venezuelans-turn-to-video-games-to-survive 6 December 2017 Bloomberg 5 December 2017https://nationalinterest.org/feature/playing-their-lives-how-2001-video-game-feeding-venezuela-49187 Playing for Their Lives: How a 2001 Video Game Is Feeding Venezuela Doug Dubrowski National Interest 26 March 2019 In the 2017 Christmas season, some shops stopped using price tags since prices would inflate so quickly.Tiendas de ropa eliminan etiquetas y habladores para agilizar aumento de precios La Region http://www.diariolaregion.net/2017/12/12/tiendas-de-ropa-eliminan-etiquetas-y-habladores-para-agilizar-aumento-de-precios/ 16 December 2017 Diario La Region 12 December 2017 es-ES In August 2018, Maduro announced a new currency, the sovereign bolívar, to fight hyperinflation. The new currency replaced the existing paper bolivar at a rate of 1/100,000: a 100,000 bolivar note becoming a 1 sovereign bolivar note. The new bills were introduced on 20 August 2018. https://www.nytimes.com/2018/08/16/world/americas/inflation-venezuela-currency.html Venezuela Cuts to Fight Inflation (Zeroes From Its Currency, That Is) Nicholas Casey 16 August 2018 20 August 2018 The New York Times At the end of 2018, inflation had reached 1.35 million percent.https://www.theguardian.com/world/2019/jan/10/venezuela-president-nicolas-maduro-begins-second-term Maduro starts new Venezuela term by accusing US of imperialist 'world war' Phillips Tom 10 January 2019 The Guardian 10 January 2019 0261-3077 According to Bloomberg, Venezuela's inflation is expected to reach 8 million percent in 2019, making it the world's most miserable economy. The country continues to top Bloomberg's Misery Index for the fifth year straight.https://www.bloomberg.com/news/articles/2019-04-17/the-world-s-most-miserable-economy-has-seven-figure-inflation The World's Most Miserable Economy Has Seven-Figure Inflation Bloomberg.com 17 April 2019 Bloomberg L.P. 17 April 2019 Shortages Shortages in Venezuela Shortages in Venezuela became prevalent after price controls were enacted according to the economic policy of the Hugo Chávez government.https://www.economist.com/blogs/americasview/2013/02/venezuela%E2%80%99s-currency 18 February 2013 Venezuela's currency: The not-so-strong bolívar The Economist 11 February 2013Ferdman Roberto A. Venezuela's black market rate for US dollars just jumped by almost 40% http://qz.com/192395/venezuelas-black-market-rate-for-us-dollars-just-jumped-by-almost-40/#/h/56869,3/ 27 March 2014 Quartz 26 March 2014 Under the economic policy of the Nicolás Maduro government, greater shortages occurred due to the Venezuelan government's policy of withholding United States dollars from importers with price controls.Dulaney Chelsey Vyas Kejal S&P Downgrades Venezuela on Worsening Economy Rising Inflation, Economic Pressures Prompt Rating Cut https://www.wsj.com/articles/s-p-downgrades-venezuela-on-worsening-economy-1410907125 18 September 2014 The Wall Street Journal 16 September 2014 Shortages occur in regulated products, such as milk, meat, chicken, coffee, rice, oil, precooked flour, and butter; and also basic necessities like toilet paper, personal hygiene products and medicine.La escasez también frena tratamientos contra cáncer http://acn.com.ve/la-escasez-tambien-frena-tratamientos-contra-cancer/ 25 August 2014 dead https://web.archive.org/web/20140826135417/http://acn.com.ve/la-escasez-tambien-frena-tratamientos-contra-cancer/ 26 August 2014 Venezuela sufre escasez de prótesis mamarias http://www.elnuevoherald.com/2014/03/19/1705888/venezuela-sufre-escasez-de-protesis.html 25 August 2014 dead https://web.archive.org/web/20140826113732/http://www.elnuevoherald.com/2014/03/19/1705888/venezuela-sufre-escasez-de-protesis.html 26 August 2014 Some Venezuelans must search for food—occasionally resorting to eating wild fruit or garbage—wait in lines for hours and sometimes settle without having certain products.Sanchez, Fabiola As hunger mounts, Venezuelans turn to trash for food https://apnews.com/5ee6b03daee141c3b89d419ecadcc7fa 12 July 2016 Associated Press 8 June 2016* Why are Venezuelans posting pictures of empty shelves? https://www.bbc.com/news/blogs-trending-30710014 10 January 2015 BBC 8 January 2015* Cawthorne Andrew In shortages-hit Venezuela, lining up becomes a profession https://www.reuters.com/article/us-venezuela-shortages-idUSKBN0KU1BX20150121 17 June 2015 Reuters 21 January 2015* MacDonald Elizabeth Exclusive: Harrowing Video Shows Starving Venezuelans Eating Garbage, Looting http://www.foxbusiness.com/politics/2016/05/26/exclusive-harrowing-video-shows-starving-venezuelans-eating-garbage-looting.html 12 July 2016 Fox Business 26 May 2016 https://web.archive.org/web/20160707182016/http://www.foxbusiness.com/politics/2016/05/26/exclusive-harrowing-video-shows-starving-venezuelans-eating-garbage-looting.html 7 July 2016 dead* Mangoes fill the gaps in Venezuela's food crisis https://www.cbc.ca/news/multimedia/mangoes-fill-the-gaps-in-venezuela-s-food-crisis-1.3620964 12 July 2016 Reuters Canadian Broadcasting Corporation 7 June 2016 Unemployment Unemployment was forecasted to reach 44% for 2019; the IMF stated that this was the highest unemployment seen in the world since the end of the Bosnian War in 1995. Venezuelan's unemployment rate hit 17.4% at the end of June 2017, with the jobless total having doubled over 12 months, when two million people lost their jobs.https://archivo.entornointeligente.com/articulo/10183731/Central-obrera-cifra-en-185-la-tasa-de-desempleo-en-Venezuela-26062017/ Central obrera cifra en 18,5% la tasa de desempleo en Venezuela EntornoInteligente 26 June 2017 24 May 2018 23 December 2019 https://web.archive.org/web/20191223125410/https://archivo.entornointeligente.com/articulo/10183731/Central-obrera-cifra-en-185-la-tasa-de-desempleo-en-Venezuela-26062017/ dead In January 2016 the unemployment rate was 18.1 percentUnemployment rate by World http://www.imf.org/external/datamapper/LUR@WEO/OEMDC/ADVEC/WEOWORLD and the economy was the worst in the world according to the misery index. Venezuela deve continuar como economia mais miseravel do mundo https://economia.uol.com.br/noticias/bloomberg/2016/02/04/venezuela-deve-continuar-como-economia-mais-miseravel-do-mundo.htm 4 February 2016 economia.uol.com.br 3 May 2017 pt Venezuela has not reported official unemployment figures since April 2016, when the rate was at 7.3 percent.https://www.reuters.com/article/us-venezuela-economy-idUSKBN16926M Job losses, low wages add to Venezuela economic hardship Chinea, Eyanir 2 March 2017 Reuters 7 December 2018 Due to the inflation and expropriations by the Venezuelan government to private companies, many others left the country, which in turn increased unemployment for those remaining. Likewise, the salary increase at the end of 2016 brought the dismissal of half of the employees of large companies (Corpoelec, Imaseo, etc.).April 2019 After having completed substantial improvements over the second half of the 1990s and during the 2000s, which put a few regions on the brink of full employment, Venezuela suffered a severe setback in 2015, when it saw its unemployment rate surging to 1994 levels.April 2019 Venezuelan debt In August 2017 President of the United States Donald Trump imposed sanctions on VenezuelaExecutive Order 13808 of August 24, 2017 https://www.treasury.gov/resource-center/sanctions/Programs/Documents/13808.pdf US Department of Treasury, Resource Center Federal Register which banned transactions involving Venezuela's state debt including debt restructuring. The technical default period ended 13 November 2017 and Venezuela didn't pay coupons on its dollar eurobonds, causing a cross default on other dollar bonds. A committee consisting of the fifteen largest banks admitted default on state debt obligations which in turn entailed payments on CDS on 30 November.http://cbonds.com/organizations/docdownload/8887 Final List of Deliverable Obligations for the 2017 Bolivarian Republic of Venezuela Credit Derivatives Auction Settlement Terms cbonds.com 25 January 2019 25 January 2019 https://web.archive.org/web/20190125183602/http://cbonds.com/organizations/docdownload/8887 dead In November 2017, The Economist estimated Venezuela's debt at US$105 billion and its reserves at US$10 billion.https://www.thetimes.com/business-money/money/article/president-maduro-brings-venezuela-to-brink-of-bankruptcy-k8dfw03mx President Maduro brings Venezuela to brink of bankruptcy Gibbs Stephen 15 November 2017 The Times London 15 November 2017 0140-0460 In 2018, Venezuela's debt grew to US$156 billion https://markets.businessinsider.com/news/stocks/venezuela-debt-explodes-to-156-billion-report-2019-3-1028013380 Business Insider Venezuela's debt has exploded to $156 billion, according to a new report Heeb, Gina 7 March 2019 6 April 2019 7 April 2019 https://web.archive.org/web/20190407015209/https://markets.businessinsider.com/news/stocks/venezuela-debt-explodes-to-156-billion-report-2019-3-1028013380 dead and as of March 2019, its reserves had dropped to US$8 billion. With the exception of PDVSA's 2020 bonds, https://www.reuters.com/article/us-citgo-debt/u-s-refiner-citgo-taking-offers-on-1-8-billion-three-year-loan-sources-idUSKCN1R22IH Reuters 21 March 2019 U.S. refiner Citgo taking offers on $1.8-billion, three-year loan: sources Parraga, Marianna and David French 6 April 2019 as of January 2019, all of Venezuela's bonds are in default, https://www.reuters.com/article/venezuela-debt/venezuela-bonds-rally-as-opposition-challenges-maduro-idUSL1N1ZG0ZQ Venezuela bonds rally as opposition challenges Maduro Pons, Corina and Rodrigo Campos 16 January 2019 6 April 2019 Reuters and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and principal. https://www.cnbc.com/2019/01/11/reuters-america-venezuela-bondholders-say-they-will-not-negotiate-with-maduro.html Venezuela bondholders say they will not negotiate with Maduro Armas, Mayela CNBC 11 January 2019 6 April 2019 12 January 2019 https://web.archive.org/web/20190112050201/https://www.cnbc.com/2019/01/11/reuters-america-venezuela-bondholders-say-they-will-not-negotiate-with-maduro.html dead As of March 2019, the government and state-owned companies have US$150 billion in debt. https://abcnews.go.com/International/wireStory/world-bank-venezuela-pay-conoco-billion-61567799 World Bank: Venezuela must pay Conoco more than $8 billion Lugo, Luis Alonso ABC News Associated Press 8 March 2019 6 April 2019 The risk premium began to skyrocket at the end of 2014 to a record high of 3,181 basis points. The risk premium set a record in August 2017, recording 5,000 basis points exceeding eight times Greece's risk premium.http://www.eleconomista.es/economia/noticias/8536568/08/17/Venezuela-dispara-su-riesgo-de-impago-es-ocho-veces-superior-al-de-Grecia.html Venezuela dispara su riesgo de impago: es ocho veces superior al de Grecia - elEconomista.es elEconomista.es Prices November 2018 Due to the lack of its own resources, Venezuela has traditionally exported all its oil abroad, so the energy crisis of 2014 produced a strong inflationary trend. In June 2013, accumulated inflation in the last twelve months was 56.2%. The sharp drop between 2014 and 2016 in the price of oil, sparked fears of a risk of hyperinflation. In 2015, Venezuela reached the highest inflation rate in the last 35 years, and in March 2016 there was hyperinflation for the first time in recorded history. In October 2016, the economy continued to contract while inflation increased again. Between 2017 and 2018, prices rose 2616% - this increase combined with austerity measures and high unemployment negatively impacted the living standards of Venezuelans. At the same time the average wages decreased (real) and the purchasing power was significantly reduced.April 2019 Ratings In the beginning of the crisis, Venezuela's credit ratings were downgraded to "junk territory" or below investment grade with negative outlooks according to most rating agencies. In a little more than one year, Standard and Poor's downgraded Venezuela's credit rating three times; from B+ to B in June 2013,Bases Daniel Update 2 – S&P downgrades Venezuela's sovereign credit rating to B https://www.reuters.com/article/venezuela-downgrade-standardandpoors-idUSL2N0ET0Z120130617 18 September 2014 Reuters 17 June 2013 B to B− in December 2013S&P cuts Venezuela credit rating to B-minus https://www.aljazeera.com/news/americas/2013/12/sp-cuts-venezuela-credit-rating-b-minus-2013121323213836870.html 18 September 2014 Al Jazeera 13 December 2013 and from B− to CCC+ in September 2014. Fitch Ratings also lowered each of Venezuela's credit ratings in March 2014 from B+ to BFitch Downgrades Venezuela to 'B'; Outlook Negative https://www.reuters.com/article/fitch-downgrades-venezuela-to-b-outlook-idUSFit69472120140325 18 September 2014 Reuters. 25 March 2014 and even lower from B to CCC in December 2014.Fitch Downgrades Venezuela's IDRs to 'CCC' https://www.reuters.com/article/fitch-downgrades-venezuelas-idrs-to-ccc-idUSFit87570120141218 19 December 2014 Reuters 18 December 2014 In December 2013, Moody's Investors Service also downgraded both Venezuela's local (B1) and foreign currency (B2) ratings to Caa1.Moody's downgrades Venezuela to Caa1; outlook negative https://www.moodys.com/research/Moodys-downgrades-Venezuela-to-Caa1-outlook-negative--PR_289285 Moody's Investors Service 16 December 2013 18 September 2014 The noted reasons of credit rating changes were the greatly increased likelihood of economic and financial collapse due to the Venezuelan government's policies and an "out of control" inflation rate. In July 2017, Standard & Poor's lowered both the domestic and foreign credit ratings of Venezuela to CCC− due to the increasing risk of default.Venezuela Cut Deeper into Junk by S&P https://www.bloomberg.com/news/articles/2017-07-11/venezuela-cut-deeper-into-junk-by-s-p-as-default-risk-surges 12 July 2017 Bloomberg.com 11 July 2017 Fitch Ratings followed suit in August 2017, lowering local and foreign credit ratings to CC.DeFotis Dimitra Venezuela Bond Default 'Probable' Fitch Downgrade Says http://www.barrons.com/articles/venezuela-bond-default-probable-fitch-downgrade-says-1504129573 31 August 2017 Barron's 30 August 2017 In November 2017 Standard & Poor's rated Venezuela in technical default and Fitch ratings rated Venezuela's oil company PDVSA in restrictive default - one rank above full default.June 2018 See also Crisis in Venezuela Economy of Venezuela 2014 Venezuelan protests Notes References collapsed Category:Crisis in Venezuela Category:2010s in economic history Category:2010s in Venezuela Category:Economic collapses Category:Economic history of Venezuela Category:Nicolás Maduro controversies