IMF: Venezuela’s inflation could top 1 million percent by end of 2018

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One million Venezuelan bolivar is today worth just over $8.

 

Inflation in Venezuela could top 1 million percent by the end of this year, according to the International Monetary Fund (IMF).

Shortages in food, water, medicine and electricity, as well as high crime, plague millions of Venezuelans, said Alejandro Werner, head of the IMF’s Western Hemisphere department. Continue reading

Socialist hell: 120,000 desperate Venezuelans cross into Colombia for food, medicine

Some 120,000 desperate Venezuelans poured into Colombia over the weekend to buy food and medicine that are in short supply in socialist Venezeula.

Under the 21st century socialist, or “chavismo”, movement started by Hugo Chavez and continued by his hand-picked successor Nicolas Maduro, 70 percent of Venezuelans live in poverty amid triple-digit inflation, mortality rates are skyrocketing, public services are collapsing, crime is out of control, and hospitals do not have basic, inexpensive medicines. Continue reading