Venezuela’s Socialist President Nicolas Maduro has just named an army general as the new finance minister to fight an economic crisis that includes soaring inflation.
He also pledged there would be no currency devaluation this year despite a rampant black market for dollars.
Shoppers face empty shelves because government price caps and currency controls – intended to help Venezuela’s poor – mean there is a shortage of dollars needed to import products.
Food shortages are compounded by inadequate domestic production.
The economy of the energy rich country grew by an estimated 1.6 percent last year, down from 5.6 percent in 2012. Annual inflation was 56.2 percent.
Analysts say a devaluation of Venezuela’s currency is long overdue to rectify distortions in the economy, but Maduro has ruled that out. He blames corruption and sabotage along with speculators and hoarders for the problems.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russian rumour mill suggests Putin suffering poor health | euronews, world news
- 3Slovenia becomes 11th EU nation to approve gay marriage | euronews, world news
- 4[LIVE] Germanwings passenger jet crashes in southern France, 148 people on board – authorities | euronews, world news
- 5Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 6Indian rapist says women to blame for being sexually assaulted | euronews, world news
- 7International news | euronews, latest international news
- 8French Alps plane crash treated as suicide and mass murder by co-pilot | euronews, world news
- 9Why is Bulgaria the EU’s most unhappy country? | euronews, world news
- 10Greece’s claim for war reparations from Germany explained | euronews, world news
- 11eurovibes - a selection of Europe’s best music talent
- 12Reaching new heights: Parents in India scale walls to ‘help students cheat’ | euronews, world news
- 13Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 14Handwriting and the digital age, time for change in schools? | euronews, learning world
- 15London calling: why home-loving Hungarians are flocking to British capital | euronews, reporter
- 16International breaking news | euronews online world breaking news in video
- 17French prosecutor: Germanwings co-pilot appears to have crashed plane deliberately | euronews, world news
- 18Manufacturing jihad – Nicolas Hénin explains what he learned about ISIL | euronews, the global conversation
- 19Germanwings press conference mystery: what wasn’t he supposed to say? | euronews, world news
- 20Which EU country has the biggest gender pay gap? | euronews, world news
Wires > Business
- 12:22 CET Confidence in euro zone economy near a four-year high
- 12:21 CET UnitedHealth Group to buy Catamaran for $12.78 billion
- 12:14 CET Complaints against UK banks dip 7 percent as insurance scandal…
- 11:57 CET Bank of England to put banks through global slump scenario in new…
- 11:35 CET India rejects BP’s request to market jet fuel
- 10:54 CET UAE drafting law for 100 percent foreign ownership of…
- 10:31 CET UK mortgage approvals rise to six-month high in February
- 10:11 CET Kingfisher’s Mr Bricolage deal collapses