Venezuela Nationalized almost every significant industry just 14 short years ago.
Since then productivity in ALL other Financial sectors INCLUDING Oil has dropped considerably.
To offset budget shortfalls they borrowed and borrowed ( sound familiar ? ) until no creditor in theiir right mind would give them another penny.
You people claim debt doesn't matter, that a Nation with its own sovereign currency can just print away. Well thats what they've done and now they have the Highest inflation rates in the world.