Tags: LT | Venezuela | Economic Crisis

Venezuelan Jittery Ahead of Sudden Economic Reforms

Venezuelan Jittery Ahead of Sudden Economic Reforms

Sunday, 19 August 2018 02:38 PM EDT

CARACAS, Venezuela (AP) — Venezuelans are bracing for dramatic economic measures the government has announced, including a 3,000 percent hike in the minimum wage.

The changes start to take effect Monday with introduction of a new currency that lops five zeros off the country's fast-depreciating bills.

President Nicolas Maduro is also raising gasoline prices in hopes of rescuing a plummeting economy.

Opposition leaders are seizing on the public's unease to call a nationwide protest.

Economists say Maduro's measures are likely to accelerate hyperinflation rather than address core economic troubles, like plunging oil production.

Johns Hopkins University economist Steve Hanke compares the changes to a superficial face-lift.

Butcher Jesus Pacheco says he may have to fire some of his six employees just to stay in business because of the sudden leap in the minimum wage.

© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Venezuelans are bracing for dramatic economic measures the government has announced, including a 3,000 percent hike in the minimum wage.The changes start to take effect Monday with introduction of a new currency that lops five zeros off the country's fast-depreciating...
LT,Venezuela,Economic Crisis
133
2018-38-19
Sunday, 19 August 2018 02:38 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved