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The president of Venezuela is responsible for the economic crisis in the country.
Salvador In the Brazilian and Colombian border towns of Venezuela, they became a popular souvenir: handbags, belts and woven portfolios of Bolivar. For any of these origami handbags, Venezuelan emigrants bend and sew up to 800 Bolivar banknotes. They produce a purse of 200 Bolivar banknotes, the now worthless currency of the Caribbean country, which is currently the heaviest in the world.
When the International Monetary Fund estimated the annual inflation forecast for 2018 to more than one million people in Venezuela. The local economic institute Ecobadítica even predicts an inflation of $ 1.4 million by the end of the year. A dollar is now worth 3.5 million bolivars on the black market.
Given this huge inflation, the government now wants to cancel five zeros of the currency. In addition, the Bolivar will be coupled in the future with the new Petro cryptocurrency, Maduro said Wednesday.
The record devaluation in Venezuela, however, can not be blamed on Donald Trump's irregular trade and monetary policy – even though the government almost daily tries to justify the economic disaster with the so-called "war of the empire" against the South American country. President Nicolás Maduro is the only one responsible for the disaster, which has reigned over Venezuela since 2013.
He comes to mind every few months, a new trick, how he can turn his former dictator's position as elected president – but how he should react to the severe economic crisis in five years, he's not the only one. has no plan. IMF director Alejandro Werner compared the situation in Venezuela to that of Germany in 1923 and that of Zimbabwe at the turn of the millennium
"Will not become a dollar colony" – The desperate rescue attempt of Maduro
The oil country produced 1.5 million barrels of oil a day because of scarcity, corruption and lack of expertise – said Opec which therefore had to increase its production quotas to achieve this year's production goal. A decade or so ago, the state-owned oil company PdVSA pumped nearly three million barrels, mostly into tankers for the journey to US refineries. Now, oil prices have fallen sharply since 2013 – and the state is no longer generating revenue.
Economic production has been declining for five years. Since 2014, even two figures a year. Maduro's predecessor, Hugo Chávez, has nationalized almost the entire private sector. The result: the budget deficit is increasing year by year – and Maduro has no choice but to always print fresh money. For years, foreign money printing companies have done great business with Venezuela. In the meantime, it's over.
The state can not even pay new notes. A few days ago, China helped again with a $ 5 billion loan. Beijing has already granted $ 60 billion to Venezuela for future oil supply. More recently, however, he refused money injections.
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