Venezuela cash crisis worsens as new bills fail to arrive

SpacePete

SpacePete

Well-Known Member
Silver Stacker
72 hour deadline to hand in old notes, but new ones not available:

Venezuela cash crisis worsens as new bills fail to arrive

Venezuela's cash crisis just got worse.

New money was supposed to arrive Thursday so that Venezuelans could swap their old cash for new bills and coins.

On Sunday, Venezuela's President, Nicolas Maduro, said in a radio address that he would give people 72 hours to exchange their 100 bolivar notes for coins of the same face value. The announcement came just a week after the country said it will replace the 100 bolivar note with six other bills, worth between 500 and 20,000 bolivars, starting December 15.

The government-set deadline is here. But the new bills haven't arrived at many banks and ATMs even as Venezuelans are standing in endless lines waiting to exchange or deposit their cash.


"Nobody has the new bills...Nobody," says Alejandro, a 24-year old who lives in Maracaibo, Venezuela. Alejandro, who requested CNN not use his full name, said the shops he visited Thursday didn't have the new cash. "With the 100 bolivar bill, nobody can pay for anything."

http://money.cnn.com/2016/12/15/news/economy/venezuela-new-bills-delayed/
Click to expand...
 
I don't understand why Venezuelians are complaining. The state of their country and economy is exactly normal for a socialist state. If they want something different then they will have to choose a different system.
 
Shaddam IV said:
I don't understand why Venezuelians are complaining. The state of their country and economy is exactly normal for a socialist state. If they want something different then they will have to choose a different system.
Click to expand...

100% this is what the majority wanted. Normally I would refrain from laughing about human suffering but in this case what the hell... bahhahhahhahhahhaaaa
 
systematic said:
I doubt they ticked "socialism" at the ballot box ....
Click to expand...

I'm talking about people who voted the party in.
Members here talk about capitalism, socialism, communism etc etc. however in the real world all three are hard to say work in text book sense.
 
Plus the party or president the the people voted in was running with the platform of doing the same for the last four or five elections (though the last president died)
 
Political systems are based on ideology ... the reality is the masses get screwed ... while a select few profit from the corruption ... we have the same system in Australia ...
 
The events in Venezuela is an example of a social experiment when the money system breaks down ... don't laugh at them because they aren't shifting to gold and silver ... they might be laughing at us because we may as well be stacking rocks ...
 
systematic said:
Political systems are based on ideology ... the reality is the masses get screwed ... while a select few profit from the corruption ... we have the same system in Australia ...
Click to expand...

True, but if the situation got as bad, you'd hope we would at least try out the other morons
 
You must log in or register to reply here.
Back
Top