A new salary increase arrived to Venezuela -the seventh in a year-, but the purchasing power of Venezuelans continues insignificant compared to the high price of low supply due to hyperinflation. While it is not possible to slow down the variation of prices in the different products of the basic basket, any wage increase is insufficient and exacerbates the problem. In one year, salary increased 511%, while inflation in 2017 closed at 2.735%, the highest in the world.
In view of the hyperinflation in their country, Venezuelans have developed “creative” forms of business.
Argentina’s Minister of Economy and President Cristina Fernández de Kirchner running mate for the upcoming presidential elections Amado Boudou stressed Tuesday that the country is ready to face the recent international economic crisis that has pushed world markets down for the past week.
Brazilian former president Lula da Silva criticized rich countries for their roll on the current economic crisis that has been changing the world’s economic map and once again came out forcibly in support of President Dima Rousseff.
European Union’s top economic official said a solution to keeping Greece solvent is combining bold deficit cuts reminiscent of Belgian sacrifices in the 1990s and willingness by lenders to roll over expiring bonds, adapting what was done in Eastern Europe two years ago.
Cuban president Raul Castro sacked Light Industry minister Jose Hermandez, the latest of an on-going cabinet reshuffle with the purpose of implanting a policy of import-substitution to address the growing economic crisis.