Tuesday, January 23, 2018

Venezuela's economic collapse, by the numbers - Axios

Venezuela's economic collapse, by the numbers - Axios
"Venezuela's economic crisis has stretched into 2018 after government forces forcefully quashed protests against President Nicolas Maduro's government last year, killing at least 120 in the process. In recent weeks, the black market exchange rate — far more trusted than the government's laughably rosy official rate of 10 Venezuelan bolivars for one U.S. dollar — has spiraled out of control, recently topping 200,000 bolivars for a dollar, per DolarToday.

Data: dolartoday.com; Chart: Lazaro Gamio / Axios
Why it matters: The crippling economic forces that spurred last year's protests against the Maduro regime have accelerated, and many ordinary Venezuelans not only can't afford food but also often don't have the cash to pay for it.
For normal Venezuelans, the country's hyperinflation takes an exacting toll on daily life. Per a report from CNN Money's Stefano Pozzebano, citizens in Caracas now wait for hours at banks to obtain their daily allowance of cash, equivalent to just a few cents and worth less and less each day..."
Read on!

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