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The latest data show Venezuela had roughly $10.5 billion in reserves at the end of 2016 -- most of it gold -- with which it must meet this year's debt obligations.

As Venezuela's socialist economy suffocates under the weight of debt obligations, it is saddled with OPEC's agreement to curb oil production -- Venezuela's major source of revenue. Analysts monitoring its montly debt and amortization payments note that April is a big month, with more than $2 billion due. Russia and China have helped shore up the nation's balance sheet, with promises of future energy shipments and the use of U.S. Citgo refineries as part collateral, and for now no one is predicting default.