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.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7India PM Modi appoints Yoga minister | euronews, world news
- 8Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 9[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 10European e-revolution people rise up | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Where is the best place in Europe for women? | euronews, world news
- 13Obama’s ‘risky’ immigration gamble | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 16Transcript of hanged Iranian woman’s final message released | euronews, world news
- 17US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 18Syria: Islamic extremists pledge to press ahead with battle for Kobani | euronews, world news
- 19Edgars Rinkevics: “I am gay. Good luck all of you.” | euronews, world news
- 20International news | euronews, latest international news
Wires > Business
- 08:09 CET Putin stands by hawkish Russian central bank – for now
- 20:17 CET Aviva says will compensate customers sold wrong annuities
- 18:53 CET Aviva sold inappropriate pensions – Telegraph newspaper
- 18:43 CET Albanian opposition rallies against tax, power burden
- 16:07 CET SGL says in talks with many carmakers to supply carbon fibre parts
- 15:55 CET Swiss agency has more queries over Etihad plan to buy Darwin stake
- 15:30 CET Europe not at risk of full-blown deflation – ECB’s Constancio
- 15:04 CET Volkswagen on track to reach 2018 margin goal – Wirtschaftswoche