The nation of Ecuador is organizing an emergency summit of 13 Latin American countries to discuss a region-wide response to the escalating financial and humanitarian disaster taking place in Venezuela.
According to Yahoo News, Ecuador’s top diplomat confirmed the high-stakes meeting Wednesday; hoping to settle on a unified plan to cope with over two million Venezuelan refugees scattered across the region.
“More than two million people have fled economic collapse in Venezuela during a four-year recession, according to the United Nations, piling pressure on neighboring countries as well as others further afield,” writes Yahoo.
“Ecuador and Peru have announced tighter entry measures to control the influx of Venezuelans, leaving many stranded on those countries’ northern borders with Colombia,” adds the article.
Last week, Venezuela’s socialist President Nicolas Maduro unveiled a “revolutionary” plan to contain the escalating financial crisis; slashing five zeros from the currency and raising the minimum wage a stunning 3,000%.
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.
Read the full story here.
NIGHTMARE: Venezuela Struck with 7.3 MEGA EARTHQUAKE as Economy Crumbles
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.
Read the full story here.