Venezuela’s Continuing Currency Crisis is Pushing the Country to the Brink of Collapse

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As oil prices drop and hyperinflation encroaches, there have been wide-reaching consequences for the entire population of this country.

Questions:
1. What are some of the limitations that citizens must live with?
2. In December, the Venezuelan president announced the withdrawal of the country’s largest banknote from circulation? Why did the government make this move?
3. What is causing this hyperinflation and the country’s economic problems?

Source:
Gilbert, D. (2016). Hunger and Panic. The Associated Press, Dec. 30 (Retrievable online at https://news.vice.com/story/venezuelas-continuing-currency-crisis-pushes-country-to-brink-of-collapse).