Monday, August 20, 2018

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

Via Billy

Venezuela's President Nicolas Maduro talks to the media after a meeting for signing an agreement on guarantees for the vote at the National Electoral Council (CNE) headquarters in Caracas, Venezuela March 2, 2018.
  •  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

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