Venezuelan officials struggled to regain control of the nation’s crumbling economy Monday; launching the “greatest devaluation” of any currency in the history of the world.
Socialist President Nicolas Maduro is poised to introduce the experimental program this week; lowering the Venezuelan Bolivar by a stunning 95% to help tackle inflation hovering at approximately 1,000,000%.
“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,” writes Bloomberg.
“Maduro’s 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’s wealthiest countries into a dysfunctional nation that’s spawned a refugee crisis,” adds the article.
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