Venezuela

Venezuelans doubt economic overhaul

8/22/18
from The Wall Street Journal,
8/21/18:

Leftist government introduces a new, highly devalued currency, leaving many engulfed in confusion and anger.

When Henrique Rosales got to the automated-teller machine on Tuesday to withdraw Venezuela’s new currency, he found it dispensed a maximum of 10 sovereign bolivars a day, the equivalent of 15 U.S. cents. “This money is going to disappear out of my hands in no time,” said the 29-year-old waiter, who said he hasn’t seen cash in five months. He hasn’t been able to pay for bus fare and walks several miles a day from his hilltop slum to the seafood eatery where he works. “I’m realizing the government has no plan to get us out of this nightmare. What a disaster.” Mr. Rosales was among many Venezuelans engulfed in confusion and anger as the government of President Nicolás Maduro rolled out its latest economic overhaul as part of its struggle to keep up with hyperinflation. Mr. Maduro called the measures “a really impressive magical formula” intended to stabilize the economy, including a new, highly devalued currency as well as tax and wage increases.

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