When will Jeremy Corbyn admit he was wrong about Venezuela?

The socialist thugs who run Venezuela have made such a pig’s ear of running the economy that the country has now been declared in ‘selective default’ on its international debt. This week, Standard & Poor’s, the credit ratings agency, said Venezuela had failed to make $200m (£152m) in repayments on its foreign debt and that it was in ‘selective default’. Fitch and Moody’s have declared PDVSA, the country’s state-run oil company, in default, as well. Venezuela’s regime has already indicated that it wants to restructure its £100bn of international debt, including the £30bn or so that it owes Russia and China. Investors fear the worst and the haircut could be more than 50 per cent.

The government of Nicolas Maduro ­– the former bus driver who became the country’s president in April 2013 upon the death of socialist superhero Hugo Chavez – has reduced Latin America’s richest nation to the brink of bankruptcy through idiotic economic policies and out-and-out corruption.