18.12.16

Meanwhile, somewhere in Venezuela....

Venezuela's President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January. The sudden change of policy comes after days of economic chaos. In a national broadcast, Mr Maduro claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar currency notes arriving in time.



Protests and looting broke out in parts of Venezuela due to a lack of cash after the socialist government pulled out the nation's largest banknote from circulation in the midst of economic crisis.
An opposition legislator said that there were three deaths amid violent scenes in the southern mining town of Callao.Waving the invalid 100-bolivar bills, demonstrators blocked roads, demanded that stores accept the cash, and cursed President Nicolas Maduro in a string of towns and cities.
Dozens of shops were looted in various places. Last weekend, Maduro gave Venezuelans three days to ditch the 100-bolivar bills, arguing that the measure was needed to combat mafias on the Colombia border despite warnings from economists that it risked sparking chaos. Opposition members said that the move was further evidence that Maduro was destroying the OPEC nation's economy and must be removed.
With new bills -originally due on Thursday -still nowhere to be seen, many Venezuelans were unable to fill their vehicles' fuel tanks to get to work, buy food or purchase Christmas gifts.
Adding to the chaos, many cash machines were broken or empty . A large numbers of shops had been ransacked, destroyed and burned in El Callao, with three people killed and many injured.
About 40% of Venezuelans do not have bank accounts.Outside the central bank in Caracas, thousands of Venezuelans lined up to swap the 100 bolivar bills before a Tuesday deadline as National Guard soldiers kept watch. An orange and avocado vendor offered to buy the notes for 80 bolivars each.
Maduro's measure has stoked anger among Venezuelans already weary of long lines for food and medicine amid product shortages and triple-digit inflation.

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