More bad news for those who believe socialism is the way to go, as more information has surfaced about Venezuela’s ever crumbling finances and infrastructure.
According to information recently garnered by the nonprofit Transparency International, Venezuela’s government owns, or has a majority ownership in 511 businesses within the country. Sadly for Venezuela, 70 percent of these companies are bleeding money, and potentially contributing to Venezuela’s continued financial downfall.
“We started this study because nobody really knows how many companies the state is running,” said Mercedes De Freitas, director of the Venezuelan branch of Transparency International. “The state has invaded every sector imaginable.”
The amount of money lost by the companies isn’t something to scoff at either, with 2016 seeing a total of $129 billion gone from the failing businesses.
What’s more, Venezuela’s ownership of companies far outreaches that of other states that are typically larger than them, as reported by the Miami Herald.
The sheer number of companies under state control seems to put Venezuela in a class of its own, the group said. Brazil, which has about six times the population of Venezuela, has 130 state-run companies, and Argentina, a third larger than Venezuela, has 52.