A massive 7.3 magnitude earthquake struck the northern coast of Venezuela Tuesday night; sending shockwaves through a region struggling with a crumbling economy and a collapsing socialist government.
The United States Geological Survey confirmed the mega quake occurred at 5:31pm local time near the city if Carupano.
— Érika Ortega Sanoja (@ErikaOSanoja) August 21, 2018
“The earthquake was felt more than 600km further east in Caracas, where the crisis-stricken nation’s political leaders were celebrating a ‘revolutionary’ new economic plan they claim will rescue Venezuela’s crumbling economy but economists fear will make it worse,” writes the Guardian.
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VENEZUELA CRUMBLES: Maduro Boosts MINIMUM WAGE by 3,000%, Says ‘TRUST ME’
Venezuela’s socialist government took drastic measures this week to help navigate the country through its most recent economic crisis; unveiling new regulations that boost the nation’s minimum wage by 3,000%.
The measure -coupled with slashing five zeros from the Venezuelan currency- aims to boost residents’ purchasing power, with average household items like eggs and paper towels costing millions of Bolivares.
“I want the country to recover and I have the formula. Trust me,” President Maduro told the nation in a primetime address. “We are going to begin a process of recovery in the coming days, weeks and month… It’s a revolutionary formula… unique in the world!”
“The recovery package includes measures such as raising taxes, increasing petrol prices for some drivers, and introducing a rebranded currency – the sovereign bolívar – which will have five fewer zeros than its inflation-stricken predecessor, the bolívar,” writes the Guardian.
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PARADISE LOST: Inflation Nears 1,000,000% in Venezuela, Eggs Cost 2 WEEKS PAY
The economic crisis engulfing Venezuela reached new heights this week, with the nation’s currency seeing inflation rates nearing 1,000,000% as the socialist government struggles to contain the economic collapse.
According to the Washington Post, the Venezuelan Bolivar plunged in foreign exchange rates as the price of a dozen eggs reached 2,600,000 Bolivares in local supermarkets and shops.
“This week, for instance, the price of a dozen eggs topped 2.6 million bolívares — equal to two weeks’ pay at the minimum wage. But for a Venezuelan who can exchange dollars at the black market rate, those same eggs are a relative bargain, costing only 60 cents,” writes the Post.
“I never feel clean anymore,” said one citizen. “We’re hungry most of the time. I don’t think things will get better.”
Just this week, socialist president Nicolas Maduro admitted his government’s economic policies have totally “failed,” vowing to implement new guidelines to stabilize the crumbling currency.
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