Shocking images show the amount of cash required to buy some basic supplies as Venezuela’s hyperinflation spirals out of control.
The striking pictures show food stores like a 2.4kg chicken next to an enormous pile of 14,600,000 bolivars ($2.20) and a stack of bank notes worth 2,600,000 bolivars ($0.40) next to a single roll of toilet paper.
In crisis-hit Venezuela, one dollar can buy two Polar beers, a dozen eggs, or a bar of chocolate. Or, taking advantage of the black market exchange rate, it’s enough for 3.5m litres of petrol.
But the 92 tankers needed to carry the fuel would probably be stuck at the pump, broken down and without replacement parts.
Fuel in the oil-rich nation may be practically free, but motorists are finding it increasingly hard to keep their vehicles on the road. Petrol shortages are ever more common: motorists commonly wait for six hours or more in fuel queues.
Justin’s handling of our oil sector is a concern no?
Venezuelan authorities said on Sunday they have detained six people over drone explosions the day before at a rally led by President Nicolas Maduro, as his critics warned the socialist leader would use the incident to crack down on adversaries.
Questions have been raised about whether the ‘drone attack’ against the president of Venezuela was faked after he began blaming his political opponents for attempting to assassinate him but TV cameras failed to captured any footage of the missiles and firefighters said the incident was actually a gas tank explosion.
Nicolas Maduro had been addressing a military parade in Caracas on live TV on Saturday, when he suddenly halted and looked to the sky after hearing an explosion.
Maduro and his wife Cilia Flores were swamped with aides carrying bulletproof shields and both escaped uninjured.
Venezuelan President Nicolas Maduro has been targeted in an attempted attack during a televised public address, officials confirm. Several explosives-laden drones detonated as he was speaking at a military ceremony.
Venezuela’s Information Minister Jorge Rodriguez has confirmed that an attack on Maduro took place at the event. Several drones rigged with explosives went off close to the presidential box during the address.
“All the investigations have indicated that (the explosions) were an attack on President Nicholas Maduro,” Rodriguez told media
Free-spending Venezuelans once crammed store aisles in foreign countries famously uttering “dame dos” — “I’ll take two.” But the citizens of what was once South America’s richest nation per capita are now confronting a devastating reversal of fortune, emerging as the region’s new underclass.
As their oil-rich country buckles under the weight of a failed socialist experiment, an estimated 5,000 people a day are departing the country in Latin America’s largest migrant outflow in decades.
CUCUTA, Colombia (AP) — On a recent humid evening in the Colombian border city of Cucuta, a Venezuelan woman wrapped her newborn daughter in a pale yellow blanket and left her with a note alongside a car parked near a stadium hosting a high school field day.
“I don’t have the means to take care of her,” she wrote on graph paper with a pink border of hearts, paw prints and flowers. “She is four days old and her name is Angela.”
In his heart Justin admires their basic dictatorship.
The opposition-dominated Venezuelan parliament issued fresh economic data on Monday, showing that inflation for the month of May spiked 110.1 percent compared with April, and sending annual inflation to a staggering 24,571 percent.
With daily inflation running at 2.4 percent, the country’s currency, the bolivar, plunged about 98 percent in the course of the past 12 months alone.
“It’s a tragedy that we are experiencing every day,” said the parliament’s finance commission spokesman Rafael Guzman as he revealed the latest figures.
In 1957, Ayn Rand wrote a compelling novel about a world overtaken by socialism. In that world, the talents who earned money for their work were being robbed by their government. The heavy government regulations crippled the industries.
Luxury yacht owners have been warned of a surge in piracy in the southern Caribbean, as Venezuela’s economic collapse spurs its penniless fishermen into banditry.
According to a new global survey of global maritime security, 71 piracy incidents took place in the region last year, compared to just 21 the year before.
Researchers for the charity Oceans Beyond Piracy, which compiled the survey, said that a majority of the attacks had been off the coast of Venezuela, which is currently engulfed by political turmoil and hyperinflation.
After a couple of years of NDP rule that headline will read “Piracy Returns to the Great Lakes” due to Ontario’s economic collapse
Venezuela’s leftist leader Nicolas Maduro won a new six-year term on Sunday, but his main rivals disavowed the election alleging massive irregularities in a process critics decried as a farce propping up a dictatorship.
Victory for the 55-year-old former bus driver, who replaced Hugo Chavez after his death from cancer in 2013, may trigger a new round of western sanctions against the socialist government as it grapples with a ruinous economic crisis.
US President Donald Trump’s administration is threatening moves against Venezuela’s already reeling oil sector.
Venezuelan President Nicolas Maduro was seeking a six-year term on Sunday in an apparently poorly attended vote condemned by foes as the “coronation” of a dictator and likely to bring fresh foreign sanctions.
With the mainstream opposition boycotting the election, two of his most popular rivals barred from standing and state institutions in loyalists’ hands, the 55-year-old former bus driver is expected to win despite his unpopularity.
That could trigger oil sanctions from Washington, and more censure from the European Union and Latin America.
The self-described “son” of Hugo Chavez says he is battling an “imperialist” plot to crush socialism and take over the OPEC member’s oil wealth. But opponents say the leftist leader has destroyed Venezuela’s once-wealthy economy and ruthlessly crushed dissent.
Maduro’s main challenger is former state governor Henri Falcon, who predicts an upset due to widespread fury among Venezuela’s 30 million people at the economic meltdown.
Most analysts believe, however, that Falcon has only a slim chance given abstention, the vote-winning power of state handouts, and Maduro’s allies on the election board. Results are expected by late evening.
Wednesday, CNN presented yet another story about Venezuela’s implosion which did a fine job of portraying that country’s human misery, this time in the oil industry. Unfortunately, it was yet another example of a story failing to mention its socialist form of government or even its leader, President Nicolas Maduro.