Venezuela's massive currency devaluation is a 'scam' — and does 'nothing' to ease its economic crisis, analysts say

Via Billy

•  In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar.
• "I want the country to recover and I have the formula. Trust me," Maduro said in a speech broadcast on state television Friday evening.
• The International Monetary Fund (IMF) has predicted inflation in the country will exceed 1 million percent this year.

More @ CNBC