Why Venezuela is unhappy after a 3,000% wage hike
With the new, undervalued currency being
rolled out, there is near consensus among economists that chaos will ensue.
“There will be a lot of confusion in the next few days, for consumers and the
private sector,” news agency AFP quoted director of Caracas based-Ecoanalitica
consultancy, Asdrubal Oliveros, as saying. “I still don‘t understand it very
well,‘‘ news agency AP quoted homemaker Maritza Vargas, withdrawing a 5 bolivar
bill from her Caracas bank. “The truth is that I‘m still not clear.‘‘ Economists
say the plan, which was announced last Friday, is likely to escalate the crisis
facing the once-booming nation that is now suffering from Soviet-style product
shortages and a mass exodus of citizens fleeing for other South American
countries. More…
With the new, undervalued currency being
rolled out, there is near consensus among economists that chaos will ensue.
“There will be a lot of confusion in the next few days, for consumers and the
private sector,” news agency AFP quoted director of Caracas based-Ecoanalitica
consultancy, Asdrubal Oliveros, as saying. “I still don‘t understand it very
well,‘‘ news agency AP quoted homemaker Maritza Vargas, withdrawing a 5 bolivar
bill from her Caracas bank. “The truth is that I‘m still not clear.‘‘ Economists
say the plan, which was announced last Friday, is likely to escalate the crisis
facing the once-booming nation that is now suffering from Soviet-style product
shortages and a mass exodus of citizens fleeing for other South American
countries. More… 
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