Ratings agencies recently declared Venezuela to be in default on several international bonds and it's alleged that the inflation in the country is now up well over 500 percent.
Russia is alleged to have recently offered a $3+ billion restructuring deal, though some say that the country might never be able to restructure its way out of its current financial mess.
It's reported that Venezuela and Russia have already finalized some sort of deal to that extent on the debt restructuring however, and the payment plan that's been agreed to is allegedly one that will be followed for the next 10 years.
For many who live in the country right now though, they continue to struggle. Millions are having a difficult time trying to afford their basic necessities and many are growing hungry and in need because of the food, medical, and other shortages.
Meat is said to have become quite a luxury that many right now cannot afford and common dishes like arroz con pollo are ones that you won't find on many tables in the country these days. Yuca and plantains are currently said to be the main items that are being consumed.
Strict price rules and rationing policies in the country have also allegedly forced many businesses to close, like butcher shops, making it even harder for people there to find chicken and beef options.
Butchers were allegedly forced to reduce their prices by roughly 30 percent and that prompted shortages and closures in the market.
Despite reluctance from the Venezuelan government to officially recognize such a crisis, it's estimated that there are at least 4 million people in Venezuela who are skipping at least one meal every day so that they can save on food. Often they are said to be skipping meals because they are opting instead to give the food to their children.
There are many Venezuelans in the US and elsewhere who have increased their personal shipments to friends, family, and loved ones in the country as the economic crisis there has worsened. They have been sending items like sugar, rice, beans, flour, and other items.
And the food crisis is just one problem of many that the people there are facing. According to the nation's recently ousted chief prosecutor the country is also dealing with a government that is guilty of crimes against humanity, conducting arbitrary detentions, and worse.
Both Russia and China have recently expressed confidence in Venezuela's ability to handle its debt issue. After the country was recently declared to be in default on bonds by S&P Global Ratings, it's alleged they've already begun the transfer of a payment toward the interest on those bonds. Despite the help thus far, some wonder how much more time they will be able to buy for themselves.
Pics:
Pixabay
pixabay
via tradefolders.com
Sources:
https://www.ft.com/content/5f3084c6-ca03-11e7-ab18-7a9fb7d6163e
http://www.cityam.com/275915/venezuela-cant-restructure-its-way-out-socialist-nightmare
http://time.com/5028785/venezuela-nicolas-maduro-crimes-against-humanity/
https://www.local10.com/food/socialist-policies-can-t-satisfy-barbecue-dreams-in-venezuela
https://venezuelanalysis.com/news/13505
https://www.bloomberg.com/news/articles/2017-11-07/maduro-chooses-food-over-bondholders-as-venezuela-goes-hungry
https://www.wsj.com/articles/venezuela-is-starving-1493995317
https://www.theguardian.com/world/2017/aug/26/nicolas-maduro-donald-trump-venezuela-hunger
https://www.reuters.com/article/us-venezuela-debt-china/china-confident-venezuela-can-handle-debt-issue-idUSKBN1DG0YZ
Related Posts:
Inflation In Venezuela Up Over 500%+ This Year
https://steemit.com/venezuela/@doitvoluntarily/inflation-in-venezuela-up-over-500-this-year
They need to get onto cryptocurrency stuff the fiat currency. They could be the pioneers. So sad to see yet in the British media there is hardly a mention, not that I read that junk !
Hperinflation is real bad. Cryptocurrency could sort out some of this mess..
You're right! And believe it or not the people of Venezuela are very smart and started mining BTC until the corrupt as fuck government made that illegal too.....
May God help these people, I've been in this kind of situation, having only 2 meals a day so that my kids won't get hungry, it's the point in my life where I promised to my self that my kids will not feel the pain of hunger, that I will strive for a better life and with God's help I got out of that hell hole.
It's sad that there are so many countries in this world where people go hungry every day.. yet in North America, Europe and othet developed parts of the world, a disgusting amount of food is wasted on a daily basis because it doesn't fit our standards of how a food should look, or it's approaching or past it's sell-by date.
It's going to take change on a global scale to rectify these human-created issues.. it always blows my mind that the world can stand by while people suffer because of government corruption and poor decision-making. It's not the people who have run the economy into the ground, it's corrupt officials and violence that do that real damage
It's absurd... I used to work at a Gas Station and at the end of shift all the the semi-fresh food (sandwiches etc...) which amounted to AT LEAST $50, some times ~$150 was thrown out EVERY DAY! and the employee would be punished if they tried to give it away to a homeless person or anything like that.
I can't imagine how much gets thrown out in restaurants, hotels etc...
We work in restaurants when we're not traveling and it's absolutely ridiculous how much goes to waste.. it hurts my heart to think about it.
In Canada I think there's actually laws against supermarkets donating their expired food.. which blows my mind!!! I remember one hippie town we lived in, people would dumpster dive outside the market because the food was mostly still good. But then they statted cracking down on people doing it.
this is no bueno. my hopes are that cryptocurrencies can help solve world hunger. i believe it will its only a matter of time.
Feel sorry for the people of Venezuela.
Maduro has no knowledge, qualifications or morals to be this country's leader. He should go.
What knowledge, qualification or moral does he lack? Do you know his background? He doesn't have the magnetism or charisma that Chavez had but I don't agree that he lacks the other things you mention
Are you kidding LOL? I'm floored!!! Probably the fact that his own officials are trying to oust him and start an investigation into crimes against humanity he caused within his own nation.....Does that sound qualified? Read the papers.....Literally in the news today. This man murders his own people and you support that!
I think if a country has the highest inflation rate in the world, its leaders are totally unqualified.
The UK isn't far behind them
The hope is in the crypto as USD dies more and more.
Venezuela needs to be in our prayers people. Perhaps the Steemit community could lend a hand in some way. We do other worthy causes here why not Venezuela. Thanks friends.
I wonder how Venezuela would be faring now if not for constant attack both economically and politically from the United States and it allies (lackies)? No country that tries anything other than neoliberalism/capitalism is allowed to succeed and this has been the case for decades.
The same goes for Cuba. If not for the 50+ year economic blockade by the US, how much more advanced would the country be? Cuba's health system is already better than the United States and at least the poor of Venezuela have seen their lives improve since Chavez came to power and Maduro is trying to stay on that path, but it is difficult when the United States arbitrarily designates your country as a 'threat' and does its upmost to force a change of government and cripple the country to try to get the Venezualans to turn away from Bolivarianism.
The recent elections were a kick in the teeth for the US and it's allies and showed that the Venezualan people have not yet given up and will stand up to the vicious policies of the United States.
They have seen what happens to countries that fail keep out the US menace.
This is an interesting point, but you don't think that the downfall of these nations had anything to do with the negative/corrupt influence of their own leaders that drove their people into the ground and completely limited their own abilities as a nation to succeed?
I think the improvement seen in the lives of the poorest Venezuelans since Chavez took power speak for themselves. Here are a few facts and figures. The source is Telesur and I do not have time to check them but there is little doubt that the lives of Venezuelans have improved following the Bolivarian revolution instigated by Chavez. ('today' in these figures refers to March 2017)
I personally believe that Hugo Chavez was a good man who wanted the best for his country and also believe that Mr Maduro is as committed as Chavez was but just lacks the leadership skills and charisma.
If the oil prices hadn't crashed (or been crashed deliberatley) then Venezuala would probably be in a better state today than it was but you will have to ask the United States and Saudi Arabia about that. It was interesting that Russia and Venezuela were hit the hardest and they just happen to be the official 'enemies' of the United States.
Source of the figures was - https://www.telesurtv.net/english/analysis/Chavez-Legacy-in-Venezuela-Transforming-Millions-of-Lives-20150304-0035.html
Yes, everyone knows about that, but it has nothing to do with what caused him to miss utilize all of their resources. They were filthy rich in oil, so what happened the United States came in and fucked that up? Can you find me a source other than your opinion on how the United States caused this, because I could easily find an article and post about people who believe that Chaves was a Commy rat! So your point is they became the poorest country in Latin America strictly because of the United Staes, I just don't think anyone is going to buy into that. It 's a perfect point for today's society though where you point fingers at everyone else instead of reflecting to see what could have been done differently from within. If you actually spoke to middle class intelligent citizens from the area (my girlfriend is Colombian/Venezuelan duel nationality) only the poor ignorants approve of Chaves because yes, he brought them out of the dirt, but ultimately ran the country into what it has become.
Wouldn't it be great if one of the hundreds of crypto ICO's was for this sort of thing?
Maybe a "FeedThePoor" BTC coin?
Designed & intended as a "currency" that locals can trade / barter with merchants for food etc..... but backed so down the track (say in 12-18mths??) the 'investors' / creators will start to gain something back for their 'charity' work.
Surely there are are enough 'hearts & minds' in the west / rest of the world that we can feed some kids, in a part of the world hammered by the oil barrons for greed.
TIME to fight back, lets take on the globalist oil-barrons & show them what the worlds people can do?
Feed the world, and lets start with venezuela?
(Lets do this for REAL this time)
BAND AID - ♥ ✩ Do They Know It's Christmas? ♥ ✩ (1984)
Wow 500% inflation ! is there no end to this economic crises !?!? My heart and prayers are with the Venezuelans ... Its getting harder every day to watch the news , and see whats happening on a daily basis all over the world . If its not this or war its mass shootings etc. Etc.etc.etc. Very sad indeed ...😥 Thanks for sharing @doitvoluntarily ! Upped and resteemed my friend .
How does this happen in one of the most oil rich nations on the planet. Something is wrong here
It is so sad how a country can go from one of the most healthy, wealthy, and resourceful countries in all of Latin America, to one faces such harsh conditions, in such a short amount of time.The hyperinflation causing people not able to afford/eat food - and it's interesting because many people have turned to mining cryptocurrency so that they can have a more stable currency/income instead of having something worthless - and then the government bans that too. It's so unfortunate how many corrupt people are in this world that can turn greatness to ruin in a matter of years.
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Meanwhile, their president Nicolas "Bus Driver" Maduro is enjoying a bite on live television *smh
This just makes me sad. As if the people of Venezuela have not been through enough. It is rich in so many natural commodities, I hope they can find a solution that benefits everyone. Thanks for your post.