Venezuela’s recently announced plan to slash “five zeroes” off the country’s crumbling currency will be delayed to August 20th, with the new economic policy hoping to stem the country’s ultra-inflation.
According to Bloomberg, Socialist President Nicolas Maduro unveiled a series of proposals to help stem the nation’s escalating crisis; vowing to crackdown on “gasoline smugglers” whom he blames for the country’s widespread fuel shortage.
“I’m committed and with a new national hydrocarbon policy we’ll have enough money, cash, in this country to invest in everything our people need,” Maduro said on national television. “We’ll have money to spare.”
Venezuela was thrust into international headlines this week after widespread power outages and a crumbling economy prompted the socialist leader to admit his “production policies have failed.”
International experts believe the country could see inflation spike by more than 1,000,000% within the year.
PARADISE LOST: Venezuela's Socialist President Tells Starving Residents to ‘STOP WHINING’
Venezuela’s socialist President Nicolas Maduro urged his nation’s starving and impoverished citizens to quit “whining” about the escalating food and water crisis; saying he “wants solutions comrades!”
According to France 24, Maduro was speaking to members of his government after a crippling power outage shutdown nearly 80% of the country’s capital; admitting his economic programs and production models “have failed.”
“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours,” said the President. “Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he added late Monday, with the country grappling with a four-year long recession.”
“No more whining, I want solutions comrades!” he added.
Venezuela is in the midst of a four-year depression, with food, water, fuel, and electricity nearly vanishing throughout the nation.
Leading economists warn the struggling country may see inflation as high as 1,000,000% within the year.
Read the full story here.
SOCIALIST PARADISE? Venezuela Running Out of Water, Electricity, Food
The humanitarian and political crisis engulfing Venezuela continued this week, with major metropolitan areas rapidly running out of drinking water, fuel, and food as the nation struggles to cope with a crumbling economy.
According to Yahoo News, Venezuelan city San Juan de los Morros is facing daily power outages, receives water deliveries just once a month, and sees banks with no currency and no end in sight.
“They send (running) water once a month. The rest of the time we have to buy it,” said one resident. “There have been times where we’ve had no electricity for 24 hours.”
Venezuela -once one of the world’s leading exporter of oil products- has been embroiled in political turmoil for over a year as citizens are forced to scavenge for food and medicine.
Economists at the International Monetary Fund predict inflation could reach as high as 1,000,000% in the coming months.
Read the full report here.