Venezuelan officials struggled to regain control of the nation’s crumbling economy Monday; launching the “greatest devaluation” of any currency in the history of the world.
Socialist President Nicolas Maduro is poised to introduce the experimental program this week; lowering the Venezuelan Bolivar by a stunning 95% to help tackle inflation hovering at approximately 1,000,000%.
“Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain,” writes Bloomberg.
“Maduro’s new strategy for managing the economy is a desperate response after years of disastrous policies that undercut growth, sent prices soaring and turned what had once been one of Latin America’s wealthiest countries into a dysfunctional nation that’s spawned a refugee crisis,” adds the article.
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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.
Read the full report here.
PARADISE LOST: Venezuela Cuts PUBLIC WATER SUPPLY as Resources Dwindle
Venezuela’s crumbling economy and crippling resource shortages reached new heights this week, with the socialist government “cutting” water supplies as the country’s currency crisis soared to over 1,000,000% inflation.
According to Reuters, the nation’s hospitals, hotels, and apartment complexes have started closing shower facilities, public water taps, and sanitation equipment as residents struggle to find adequate food and drinkable water.
“I have gone to the operation bloc and opened the tap to wash my hands, as you must do before a surgery, and nothing comes out,” said one doctor.
“Water cuts are the latest addition to a long list of woes for Venezuelans hurting from a fifth year of an economic crisis that has sparked malnutrition, hyperinflation and emigration,” writes Reuters.
“For many years this deterioration process was not noticeable. But now the water transport systems are very damaged,” said an industry insider responsible for the capital’s water supply.
Read the full story here.