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Venezuela bondholders inch toward showdown

Tuesday, January 17, 2017

Venezuela’s New Highest Denomination Bills Can Barely Get You a Big Mac

The bolivar has maintained this image for some time now, an impoverished effigy to what it once was. At one time, the 100 bolivar note was the highest denomination, and while today it is the 20,000 note, neither was able to purchase much at the time of their release date. Reflected in Venezuela’s rampant economic crisis is this devastating devaluation and hyperinflation. Prices have doubled every 17 days. Now, the 20,000 bolivar note can only buy, for example, two Big Macs at McDonalds. The sandwich costs about 8,000 bolivars now, though two weeks ago it cost six. You can, however, buy six ice cream sundaes instead, but if you’re in the mood for a different meal, there aren’t many other places to go. The cost of an average lunch in Venezuela is already around 10,ooo bolivars. More…

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