Economic Emergency Declared In Venezuela

Venezuela’s president Nicolás Maduro gestures before his state of the nation address to the National Assembly in Caracas on Friday when declared a national economic emergency. Photograph: Carlos Garcia Rawlins/Reuters

Wall Street Journal: Venezuelan President Maduro Declares Economic Emergency

Maduro attempts to tackle a deepening crisis and undermine the opposition’s new majority in the country’s congress.

CARACAS, Venezuela—President Nicolás Maduro’s government declared a 60-day nationwide economic emergency Friday as his embattled administration tries to tackle a deepening economic crisis and to undermine the opposition’s new majority in the country’s congress.

The announcement was made hours before Mr. Maduro began a much-anticipated state of the union address and just before the central bank released key economic data for the first time in more than a year. It showed the oil-rich nation reeling: the economy contracted 7.1% and annual inflation hit 141.5% through September, the world’s highest.

“We want to reaffirm the people’s trust in the revolutionary government,” Mr. Maduro’s top economic adviser, Luis Salas, said in a televised address from the presidential palace as he read the emergency decree.

More News On Venezuela Declaring An Economic Emergency

Venezuela decrees 'economic emergency,' reveals depth of crisis -- Reuters
Venezuela's Maduro admits economic 'catastrophe' -- AFP
Venezuela president declares economic emergency as inflation hits 141% -- The Guardian
Venezuela's inflation at historic high, president declares economic emergency -- FOX News
Venezuela Declares 'Economic Emergency' -- VOA
Venezuela Inflation Surges to 141% Amid `Economic War' -- Bloomberg
Venezuela Declares an Economic Emergency and Releases Data Showing How Bad It Is -- VICE News
Venezuela’s oil-based economy is about to flatline. Then what? -- Nick Miroff, Washington Post