In Venezuela, the hospitals have little to no medicine left. The number of medical equipment in care facilities remain sparse. Their medical facilities are crumbling, with some completely abandoned.
Now that bars and restaurants are closed and breweries are forced to suspend their operations, the industry behind the very drink that is supposed to bring people together is on the brink of collapse.
On Friday Venezuelan leader Nicolas Maduro declared a 60 day state of national emergency.
Amid a devastating economic crisis that has resulted in mass looting, the socialist leader has threatened to seize control of factories that have stopped production.
In a letter addressed to Sen. Orin Hatch (R, Utah) and the Senate Finance Committee, Treasury Secretary Jacob Lew explained the Obama administration cannot do anything legally to help Puerto Rico. He explained Congress holds the power to grant access to bankruptcy protections to the beleaguered island.
The U.S. territory is entering its ninth year of recession. Puerto Rico's tourism industry has fallen victim to its failing economy, which has been hit the hardest by hotel and casino closings over the past five years.
Luis Gutierrez, a Democratic congressman from Illinois, took to the floor of Congress on Tuesday and addressed his colleagues on Puerto Rico’s economic crisis, which threatens to plummet the island into financial doom. Rep. Gutierrez, a Puerto Rican, appealed to his fellow congressmen and women, demanding they take responsibility for their duty to the U.S. territory.
In an effort to alleviate Puerto Rico’s current economic woes, the U.S. territory just passed legislation on Thursday that would increase their sales tax from 7 percent to 11.5 percent.
In April, Puerto Rico’s finance officials warned the U.S. territory could shut down in three months unless it secured a workable financing deal. As it stand now Puerto Rico has a debt of $73 billion.
After attempting to make a restructuring payment in June, a US judge blocked Argentina and said it had to pay billions to hedge funds that it owed before it could make the payment. Argentina said it could not and therefore ended up defaulting on the debt. But the country says the U.S. tricked it into defaulting.
Its been weeks since the end of the World Cup and the heartbreaking loss for Argentines, but many refuse to return to their home country. Rio's tourism agency said they weren't prepared for this and had no procedure to ensure the visitors would leave-- to enter Brazil from Argentina all you need is a government ID.
Argentine President Cristina Fernandez said Monday during a nationally broadcast address that she is refusing to comply with a U.S. judge's order to pay $1.5 billion in restitution to plaintiffs of a decade-long court case.
With over 5 million unemployed in Spain, the economic crisis has hit homeowners particularly hard -which is nearly everyone. Spain has the highest rate of home ownership in the European Union, as high as 85 percent, and that's greatly due to decades-long aggressive governmental promotion of home ownership and borrowing.
