Venezuela's worst economic crisis: What went wrong? Venezuela used to be the wealthiest country in South America with more oil reserves than anywhere else in the world.Therefore, Venezuela should be drowning in riches but why Venezuela is facing the worst Economics Crisis in its history? WHAT WENT WRONG? It is not easy for one country, which has the most oil reserves in the world, to go bankrupt.The crisis in Venezuela is the socioeconomic and political crisis that Venezuela has undergone since the government failure and the fall of crude oil price. Maduro’s government runs a socialist policy which revenues were used to finance social programmes and food subsidies. But when the price of oil has fallen, those programmes and subsidies became unsustainable and lead to rising costs amid desperate scarcities of food and medicine, the collapse of public services and the medical system, and rampant crime. http://www.marketoracle.co.uk/Article43144....