{"id":10931,"date":"2018-08-20T08:36:57","date_gmt":"2018-08-20T12:36:57","guid":{"rendered":"http:\/\/www.wasobamaborninkenya.com\/blog\/?p=10931"},"modified":"2018-08-20T08:52:06","modified_gmt":"2018-08-20T12:52:06","slug":"venezuelas-95-devaluation-adds-to-chaos-after-drone-attack","status":"publish","type":"post","link":"https:\/\/www.wasobamaborninkenya.com\/blog\/venezuelas-95-devaluation-adds-to-chaos-after-drone-attack\/","title":{"rendered":"Venezuela’s 95% Devaluation Adds to Chaos After Drone Attack"},"content":{"rendered":"

\"\"<\/a><\/p>\n

A pile of bolivar notes sit at a PDVSA gas station on Aug. 18. Photographer: Carlos Becerra\/Bloomberg<\/h6>\n

Bloomberg<\/strong>
\nby Eduardo Thomson and Fabiola Zerpa
\n8\/19\/2018<\/h3>\n

Excerpts:<\/strong><\/p>\n

Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain.<\/em><\/p>\n

One likely outcome is that inflation<\/a>, which already was forecast to reach 1 million percent this year, will get fresh fuel from the measures. Prices are currently rising at an annualized rate of 108,000 percent, according to Bloomberg\u2019s Caf\u00e9 con Leche index. A massive exodus of Venezuelans fleeing the crisis to neighboring countries will likely increase and with it, tensions and restrictions<\/a> like the ones seen over the past few days.<\/em><\/p>\n

………………………………………………….<\/em><\/p>\n

Maduro\u2019s new strategy for managing the economy is a desperate response after years of disastrous policies that undercut growth, sent prices soaring and turned what had once been one of Latin America\u2019s wealthiest countries into a dysfunctional nation that\u2019s spawned a refugee crisis. …………..<\/em><\/p>\n

………………………………………<\/em><\/p>\n

To make things more complicated, the new bolivar\u2019s value will be linked to a crypto currency — believed to be the first time a government has ever employed the technique.<\/strong> The so-called Petro is backed by crude oil and is valued by the government at $60, or 3,600 sovereign bolivars. The Petro will fluctuate and be used to set prices for goods.\u00a0 — <\/em>(bold emphasis added)
\n<\/em><\/p>\n

……………………………….<\/p>\n

View the complete article including video, images and links at:<\/strong><\/p>\n

https:\/\/www.bloomberg.com\/news\/articles\/2018-08-19\/venezuela-s-95-devaluation-adds-to-turmoil-after-drone-attack<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A pile of bolivar notes sit at a PDVSA gas station on Aug. 18. Photographer: Carlos Becerra\/Bloomberg Bloomberg by Eduardo Thomson and Fabiola Zerpa 8\/19\/2018 Excerpts: Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-10931","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/posts\/10931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/comments?post=10931"}],"version-history":[{"count":3,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/posts\/10931\/revisions"}],"predecessor-version":[{"id":10935,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/posts\/10931\/revisions\/10935"}],"wp:attachment":[{"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/media?parent=10931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/categories?post=10931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wasobamaborninkenya.com\/blog\/wp-json\/wp\/v2\/tags?post=10931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}