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Bankrupted by socialism, Venezuela cedes control of companies
Fabiola Zerpa and Nicolle Yapur, Bloomberg
Feb. 12, 2021
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1of3Nicolas Maduro, president of Venezuela, speaks during a judiciary event at the Supreme Court in Caracas, Venezuela, on Jan. 22, 2021.Bloomberg photo by Carlos Becerra.Show MoreShow Less
2of3Oil tanks stand above a spill at a Petroleos de Venezuela facility in the Orinoco Belt of El Tigre, Venezuela, on Oct. 12, 2018.Bloomberg.Show MoreShow Less
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Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products.