Venezuela

Last year in Venezuela, imports collapsed by more than 50 per cent and the economy nosedived by 19 per cent. The budget deficit is around 20 per cent of GDP. Market distortions mean petrol is sold locally for less than one penny per litre. The country has a complex monetary arrangement that makes use of three different exchange rates simultaneously, feeding  rampant corruption: the President’s cronies can buy dollars from the state at ten bolivars a dollar but sell them at 3,300 bolivars a dollar on the black market. Price controls have made it unprofitable for small businesses to sell staple goods, leading to widespread shortages. Carjackings and kidnappings are now epidemic. Caracas’s murder rate is 80 times higher than
London’s.

Source: Britain under Corbyn? Just look at Venezuela

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