Tens of thousands of Venezuelans have fled to neighboring Brazil in the hope of escaping their country’s economic and humanitarian crisis. In the northwestern city of Boa Vista, officials are struggling to cope with the influx of people.
Reports of an apparent attack on President Nicolas Maduro leave more questions than answers, except for one: The only one benefiting from all this is Maduro himself, writes Uta Thofern.
A federal judge has ordered to close Brazil's northern border to Venezuelan immigrants until the country has the humanitarian capacity to receive them. The border remained open pending appeal by the federal government.
Venezuela's real GDP is expected to shrink by 18 percent in 2018, marking five consecutive years of declining growth. The IMF said that Venezuela's hyperinflation forecast is similar to that of post-WWI Germany.
In a bid to combat hyperinflation, Venezuela has unveiled new paper money with five fewer zeros. It comes after the IMF warned that the nation's inflation could reach one million percent this year.
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