Venezuela issues new currency, amid hyperinflation and social turmoil

  1. Venezuela issues new currency, amid hyperinflation and social turmoil  CNN
  2. Some Venezuelans, alarmed by Maduro’s measures, speed up plans to flee  Reuters
  3. Venezuela Braces for the Devaluation Storm  Bloomberg
  4. Steve H. Hanke | Water Institute  The JHU Water Institute – Johns Hopkins University
  5. Maduro orders 96 percent devaluation in hyperinflation-stricken Venezuela  Reuters
  6. Full coverage


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Venezuela cuts five zeros from currency as economic plan sows confusion

Venezuela cuts five zeros from currency as economic plan sows confusionCARACAS/VALENCIA, Venezuela (Reuters) – Venezuela on Monday slashed five zeros from prices as part of a broad economic plan that President Nicolas Maduro says will tame hyperinflation but critics call another raft of failed socialist policies that will push the chaotic country deeper into crisis. Streets were quiet and shops were closed due to a national holiday that Maduro decreed for the first day of the new pricing plan for the stricken economy, which the International Monetary Fund has estimated will have 1 million percent inflation by year end. The price change comes with a 3,000 percent minimum wage hike, tax increases meant to shore up state coffers and a plan to peg salaries, prices and the country’s exchange rate to the petro, an elusive state-backed cryptocurrency.


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Venezuela cuts five zeros from currency as economic plan sows confusion

Venezuela cuts five zeros from currency as economic plan sows confusionStreets were quiet and shops were closed due to a national holiday that Maduro decreed for the first day of the new pricing plan for the stricken economy, which the International Monetary Fund has estimated will have 1 million percent inflation by year end. The price change comes with a 3,000 percent minimum wage hike, tax increases meant to shore up state coffers and a plan to peg salaries, prices and the country’s exchange rate to the petro, an elusive state-backed cryptocurrency.


Source: Yahoo! News

Venezuela lops five zeros off its currency in bid to tackle hyperinflation

Venezuela lops five zeros off its currency in bid to tackle hyperinflationVenezuela is launching a new currency that slashes five zeros off the country’s fast-depreciating bills, in a bid to tackle the country’s accelerating hyperinflation. President Nicolas Maduro has also announced a 3,000 per cent hike in the minimum wage and a rise in the price of fuel to international levels, in changes that will be implemented from Monday.


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ConocoPhillips settles with Venezuela's PDVSA to recover $2 billion

ConocoPhillips settles with Venezuela's PDVSA to recover $2 billion(Reuters) – U.S. oil producer ConocoPhillips said on Monday it has settled with Venezuela’s state-run oil company, PDVSA, to recover about $2 billion for early dissolution of some joint ventures following the nationalization of the country’s oil industry. The settlement follows a ruling by the International Chamber of Commerce (ICC) in April that ordered PDVSA to pay Conoco $2 billion.


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Brazil sends troops to Venezuela border after residents drive out migrants from improvised camps

Brazil sends troops to Venezuela border after residents drive out migrants from improvised campsBrazil will send troops to its border with Venezuela on Monday after residents of the Brazilian border town of Pacaraima drove out Venezuelan immigrants from their improvised camps, amid growing regional tensions. Tens of thousands of Venezuelans have crossed the border into Brazil over the past three years as they seek to escape the economic, political and social crisis gripping their country. The latest show of tensions began early Saturday, hours after a local merchant was robbed and severely beaten in an incident blamed on Venezuelan suspects, in Pacaraima, where an estimated 1,000 immigrants are living on the streets. Dozens of locals then attacked the two main immigrant makeshift camps and burned their belongings, leading Venezuelans to cross the border back into their home country. Shots were fired, stores were shuttered and debris littered the streets. As the Venezuelan refugee crisis spirals out of control, neighbors are abruptly closing their doors. Ecuador and Peru are tightening entry requirements. And in Brazil yesterday, a mob chased Venezuelan refugees back across the border and then destroyed their camp. pic.twitter.com/dtr9MiDrLt— Hannah Dreier (@hannahdreier) August 19, 2018 “It was terrible, they burned the tents and everything that was inside,” said Carol Marcano, a Venezuelan who works in Boa Vista and was on the border returning from Venezuela. “There were shots, they burned rubber tires.” Marcano said that some Venezuelans reacted to the attack by destroying a car with Brazilian license plates. She and her companions were among many who took refuge at checkpoints on the Venezuelan side of the border. Three Brazilians were hurt in the clashes, a spokesman for military police said. No information was immediately available on the state of the Venezuelans involved. A Venezuelan man, whose eye is infected with conjunctivitis, holds his son at the Pacaraima border control Credit: REUTERS/Nacho Doce The merchant who was attacked “is known, he is a neighbor, and there was indignation when it was learned that he had been robbed,” a local told AFP on condition of anonymity. “People began to expel Venezuelans who were in the center of the city, forcing them to return to their country.” Roraima state Governor Suely Campos made a plea to temporarily close the border and asked Brazilia to send security reinforcements to “face the increase in crime” she links to Venezuelans in the region. In turn, the public security ministry vowed to send a contingent of 60 troops due to arrive Monday to join teams in the area.


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