Violence erupts as Venezuelans scramble to replace void banknote

 

 

Police have opened fire on protesters in parts of Venezuela after looting broke out due to a severe cash crisis.

 

It follows a move by the Latin American country’s Socialist government to pull the nation’s most widely used banknote from circulation.

 

 

Amid the highest inflation rate in the world, the 100 bolivar bill was worth just two US cents before it ceased to be legal tender last week.

 

Despite promises from President Nicolas Maduro, that new, higher denominated cash bills were ready, they are nowhere to be seen, leaving most Venezuelans without any viable currency.

 

“I have been here since four o’clock yesterday afternoon. I’ve not had any lunch or breakfast because of these damn bills that nobody wants anywhere,” said one woman outside a bank.

 

The latest wave of economic chaos in Venezuela has sparked panic resulting in large queues outside banks as people scramble to deposit and replace the worthless bills.

 

Many cash points are reported to be broken or empty, or even still distributing the defunct currency, forcing many people to rely on credit cards and bank transfers to get by.

 

 

-- © Copyright Euronews 2016-12-18

Chavez really messed up that country.  What a disaster.

Going the way of Zimbabwe.

4 hours ago, rooster59 said:

Amid the highest inflation rate in the world, the 100 bolivar bill was worth just two US cents before it ceased to be legal tender last week.

If you trace back the $1 greenback to 1913 when the Federal Reserve was formed I think you will find .98 cents of its value has evaporated due to inflation. Why do you think the Fed wants to get the inflation numbers up to their "target" of 2%. Funny it never seems to exceed their "target" anymore like in years past. 

21 minutes ago, elgordo38 said:

If you trace back the $1 greenback to 1913 when the Federal Reserve was formed I think you will find .98 cents of its value has evaporated due to inflation. Why do you think the Fed wants to get the inflation numbers up to their "target" of 2%. Funny it never seems to exceed their "target" anymore like in years past. 

that applies to all currencies.

Just now, Naam said:

that applies to all currencies.

Kudo's your correct. 

Problems over a .02 bill does not with their wealth. Where does all the oil money go?

1 hour ago, craigt3365 said:

Chavez really messed up that country.  What a disaster.

since the "Brady" restructuring in 1991 (9 years before Hugo Chavez) i am investing in Venezuela bonds (mostly in, sometimes out) and the result is a fat seven digit Dollar (US not Zimbabwe!) profit.

 

Chavez made a lot of mistakes. his biggest mistake was to die and annoint this cretin Nicolas Maduro his successor.

 

by the way... Venezuela bonds this year (capital gains and interest) >+100%!

 

-for risks and side effects ask your physian or pharmacist,

-professional stunt drivers on closed road, do not try at home,

-keep away from children and store above freezing point,

- unsuitable for faint-hearted people! 

 

 

Venezuela postpones bank note ban after chaos and cash shortages

https://www.theguardian.com/world/2016/dec/18/venezuela-postpones-bank-note-ban-after-chaos-and-cash-shortages

8 hours ago, optad said:

 Where does all the oil money go?

 

. Most of the wells are sitting idle. It should be a rich country, Chavez and Maduro has run it into the ground with their programs.