The Latin American state-run oil companies whose largesse filled government coffers from Mexico to Brazil during the crude boom of the previous decade are quickly becoming dangerous liabilities as soaring debt levels spook investors.

Regional leaders are being forced to shelve plans to spend petro-cash on popular projects after oil prices plunged more than 50 percent in the past two years and are instead grappling with mounting bills at their state-backed champions. The burden is being amplified as local currencies crumble against the dollar, driving up the cost of to pay off foreign debt.

http://www.msn.com/en-us/money/markets/from-champs-to-chumps-latin-america-oil-giants-owe-dollar275-billion/ar-AAgGCMi?ocid=spartanntp

I imagine a great deal of money has been misappropriated. If politicians ran your business you would be broke