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.
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.