Venezuela

[screwball]

Venezuelans have been given just three days to swap their biggest bolivar notes for coins. The South American nation will withdraw all 100 bolivar notes and replace them with coins of the same face value within 72 hours, state-run news agency AVN said. President Nicolas Maduro said the emergency decree was aimed at “mafias” smuggling the notes outside the country. They would be stuck with worthless paper, he said. It’s the latest in a series of desperate measures by the Venezuelan government to contain a spiraling economic crisis. Inflation could hit 500% this year and 1,660% in 2017, according to the International Monetary Fund.

[Gypsygirl11]

Inflation 1,660 next year....that's crazy.

[screwball]

Venezuela delays removing currency bills amid chaos

Sun Dec 18, 2016 6:29AM

1. Home
2. Americas
3. Venezuela

A man shows 100 bolivar notes while crossing the Francisco de Paula Santander international bridge in Venezuela, December 17, 2016. (Photo by AFP)

The Venezuelan government has delayed plans for the elimination of the country’s most-widely-used bill following nationwide protests and chaos.

On Saturday, President Nicolas Maduro extended the use of 100-bolivar bills until January 2.

The extension came a day after an earlier announcement to pull the highest-denomination bill out of circulation sparked anti-government protests and lootings at scores of shops in the Latin American country.

In a televised address, Maduro said the decision to delay scrapping Venezuela’s dominant bank note was prompted because the promised higher-denomination replacement bills were still unavailable, saying that three planes transporting the new notes had become “victims of sabotage.”

“One plane, contracted and paid for by Venezuela, was told in flight to change direction and go to another country,” Maduro said, without specifying who had given orders for the change of direction. “There’s another, which was not given flyover permission.”

Killing the bill

Venezuela already has the world’s highest inflation rate, set to hit 475 percent this year, according to estimates by the International Monetary Fund (IMF). Caracas is trying to introduce new bills in denominations up to 200 times higher than the old ones.

The 100-bolivar bills until recently accounted for 77 percent of the cash in circulation in Venezuela.

The decision to kill the bills has forced thousands of people from around the country to wait in lines in front of banks to withdraw bills and have them changed. Others have had to make purchases with bundles of hard-to-find smaller bills.

Authorities in the southern Bolivar State declared a curfew after people broke into dozens of shops and warehouses in various towns to take out goods. The state governor said 135 people had been arrested during the unrest.

According to witnesses, security forces in Venezuela’s second city of Maracaibo fired teargas to stop looters.

A Venezuelan soldier patrols as people line up outside Venezuela’s Central Bank (BCV) in Caracas in an attempt to change 100-bolivar notes, December 17, 2016. (Photo by AFP)

Maduro has justified the elimination as a way of strangling mafia and smugglers on the border with neighboring Colombia. The government has closed the borders with Colombia and Brazil.

The import-dependent OPEC member nation is severely short of food, medicine and basic household goods.

While Venezuela’s opposition blames Maduro’s administration for the persisting economic troubles, the Venezuelan leader has long argued that the crisis is the result of a US-sponsored ploy to destabilize the country.

Caracas has also lambasted its suspension from the South American economic bloc Mercosur as a “coup” against Venezuela.

[climber7]

Anyone else think this might be a good investment for future revaluing? 

 

 

Caracas (AFP) - Crisis-hit Venezuela devalued its currency by 64 percent in a dollar auction that aimed to stabilize its foreign exchange market, officials said Wednesday.

Under an overhauled official exchange system, the government let investors bid for the dollars at a new higher rate in what President Nicolas Maduro said was an effort to undermine the black market.

It was the latest in a series of moves to ease a crisis in a country stricken by soaring inflation and shortages of food and medicine.

The US bills sold at a rate of 2,010 bolivars per dollar, said Pedro Maldonado, president of the central bank's Currency Auction Committee.

He told reporters the rate was "an unequivocal indication that we are beginning a process of economic recovery."

But the rate represented a sharp devaluation compared to 721 bolivars under the previous system -- and still far below the black market rate, currently around 6,000 bolivars per dollar.

The central bank sold $24 million overall, mostly to companies importing foreign goods.

"The amount assigned was laughable. It shows the lack of currency," economist Jesus Casique told AFP.

The result was announced after an outcry over US bank Goldman Sachs's decision to buy $2.8 billion in bonds issued by Venezuela state oil company PDVSA.

The opposition said that move gave a lifeline to Maduro.

Casique said the dollar auction "will not boost productivity, that is why they decided to cash in the PDVSA bond with a discount of 69 percent, to give the official exchange rate a breathing space."

- Constitutional reform -

Essential foods and medicines in Venezuela are priced at a special low fixed dollar exchange rate. But due to shortages, many other items are only available on the black market at a much higher rate.

The crisis has prompted deadly unrest in street protests by Maduro's opponents demanding elections to remove him from power.

 

https://www.yahoo.com/news/venezuela-pushes-constitution-bid-amid-deadly-unrest-170541766.html

 

 

 

 

 

 

0:00

 

/ 0:33

 

 

 

 

 

 

 

 

 

 

Caracas Protesters Run From Tear Gas

 

 

 

 

Maduro says the crisis is the result of an "economic war" backed by the United States.

Venezuela's economic collapse has been driven by the fall in prices for its crucial oil exports since 2014.

Authorities on Wednesday began signing up candidates for a planned constitutional reform body, a move that has inflamed deadly unrest stemming from anti-government protests.

Opponents of socialist President Nicolas Maduro say he aims to keep himself in power by stacking the planned "constituent assembly" with his allies.

The electoral authorities have called on candidates to sign up online on Wednesday and Thursday to seek election to the 545-member assembly, which will be tasked with writing a new constitution.

The center right-led opposition coalition, the Democratic Unity Roundtable, has vowed not to take part.

"I hope no one will commit treason by taking part in such an absolutely fraudulent process," opposition leader Henrique Capriles said.

- Bursting point -

Opposition and government supporters meanwhile staged the latest in two months of street protests, with fresh clashes between prosecutors and police.

 

 

 

 

 

 

0:00

 

/ 3:40

 

 

 

 

 

 

 

 

 

 

Daily protests continue in Venezuela

 

 

 

 

Prosecutors say the unrest has left 60 people dead so far.

"The game seems to be deadlocked. The government is becoming more and more repressive and the opposition is continuing its protests in the street," said political analyst Luis Salamanca.

"There could be a total, serious confrontation, permanent chaos. Anything could happen here -- even a popular uprising."

Opposition congressional speaker Julio Borges visited European lawmakers on Wednesday in Brussels, where he warned Maduro's plan will trigger more bloodshed.

At a news conference, Borges asked for "help" from EU institutions so that "those who have violated human rights are also hit with sanctions."

Venezuela's Foreign Ministry Delcy Rodriguez said on Twitter that request "exceeded all imaginable limits of immorality."

[md11fr8dawg]

Ah, GOOD Ole Socialism/Communism, works everytime. Maybe we should give a try here in the USA. Seems to be working splendidly elsewhere around the world!! Maybe single payor healthcare with the government running it, or perhaps a HUGE carbon tax to give to the criminals at the UN. That's the ticket! What an epiphany!!!

[blueskyline]

Don't know Climber . Definitely actions going on there

[md11fr8dawg]

Climber, only if they get rid of the communist pigs running that sewer of a country.

[jmartin1145]

On ‎6‎/‎1‎/‎2017 at 10:34 AM, md11fr8dawg said:

Ah, GOOD Ole Socialism/Communism, works everytime. Maybe we should give a try here in the USA. Seems to be working splendidly elsewhere around the world!! Maybe single payor healthcare with the government running it, or perhaps a HUGE carbon tax to give to the criminals at the UN. That's the ticket! What an epiphany!!!

Love your sarcasm md11.

[md11fr8dawg]

Thx Martin, always glad to help!!

[pokerplayer]

I kind of did a fly by look at this climber and all it did was scream !!!! Run, don't walk !!! Its a very bad idea pp. 

 

so your call my friend but thats were I see it.

 

pp