Venezuela resorting to desperate measures to raise hard currency

The lifeblood of Venezuela’s economy is oil, and the dollars it brings in. So with crude prices low, the government is taking desperate measures to get badly needed hard currency. And analysts say it is all a recipe for disaster in the country with the world’s largest proven oil reserves. Venezuela’s budget deficit has ballooned to tens of billions of dollars because it relies entirely on oil for its hard currency and the price of oil is half what it was not long ago. More…