Venezuela minimum wage to rise by 50% 'to combat inflation'

[Suppressed]

Venezuela minimum wage to rise by 50% 'to combat inflation'
9 January 2017
http://www.bbc.com/news/world-latin-america-38551412


Mr Maduro announced the measure on his weekly TV programme    EPA/MIRAFLORES

Venezuela's government has announced a 50% increase in the minimum wage and pensions amid runaway inflation.
President Nicolas Maduro says the move will protect jobs and incomes. Critics say it may worsen the crisis.

The opposition accuses Mr Maduro of mismanaging oil-rich Venezuela's crumbling economy. But he says he faces an economic war by political foes and hostile businessmen.

The International Monetary Fund says inflation will reach 1,600% this year.

Mr Maduro said he was raising the monthly minimum wage to 40,000 bolivars, about $60 (£49) at the official exchange rate, or $12 on the black market.

It is the fifth increase in one year. The measure would benefit public workers, the armed forces and pensioners, he said.

...

Excerpt.  Read more at http://www.bbc.com/news/world-latin-america-38551412

[LateForLunch]

Venezuela minimum wage to rise by 50% 'to combat inflation'
9 January 2017
http://www.bbc.com/news/world-latin-america-38551412


Mr Maduro announced the measure on his weekly TV programme    EPA/MIRAFLORES

Venezuela's government has announced a 50% increase in the minimum wage and pensions amid runaway inflation.
President Nicolas Maduro says the move will protect jobs and incomes. Critics say it may worsen the crisis.

The opposition accuses Mr Maduro of mismanaging oil-rich Venezuela's crumbling economy. But he says he faces an economic war by political foes and hostile businessmen.

The International Monetary Fund says inflation will reach 1,600% this year.

Mr Maduro said he was raising the monthly minimum wage to 40,000 bolivars, about $60 (£49) at the official exchange rate, or $12 on the black market.

It is the fifth increase in one year. The measure would benefit public workers, the armed forces and pensioners, he said.

...

Excerpt.  Read more at http://www.bbc.com/news/world-latin-america-38551412

Grasping at straws. All main indicators are down, down, down. Venezuela is circling the bowl. Guaranteed Maduro and his drug cartel buddies all have their exit plans updated and running.

The only question is which nation(s) will be coming it to restore order and rescue them when everything collapses. I'm betting on China. They have done similar things in sub-Saharan Africa sending in troops and cash to stabilise collapsed regimes then keep permanent military bases there to guard their investments. (Example: Uganda)