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Why gorgeous, oil-rich Venezuela is struggling to survive
http://www.news.com.au/world/south-america/why-gorgeous-oil-rich-venezuela-is-struggling-to-survive/story-fnh81jzo-1227379886571-----------
So why does Venezuela have a terrifying reputation for danger and corruption, an overcrowded capital filled with slums, and healthcare so poor there are queues down the street to buy painkillers?
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One in three Venezuelans lives in poverty, struggling to afford basic goods.Source: istock
While Venezuelans are queuing for toilet paper, flour and building supplies, heavily subsidised petrol is sold for far less than it costs to produce.
Maduro has warned that he needs to increase petrol prices, which are the cheapest in the world.
The subsidy is “bankrupting the country”, says Reeve, costing more than education and healthcare combined, but governments are afraid to buck the status quo. When former president Carlos Andres Perez did so in 1989, it resulted in riots, looting and a military crackdown.
