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Oil prices have plunged deep crisis Venezuela has declared "economic emergency"

Number of visits: Date:2016-04-05 10:50:52

(Beijing time 18, Reuters reported that the government of venezuela last Friday (Jan. 15) promulgate decrees, declared "economic emergency", the country also reported on the day of this year for the first data report also shows that due to the influence of low oil prices and the government-led economic model struggling, they had a very deep recession in venezuela.
Venezuela's central bank, the country's economy shrank by 4.5% in the first nine months of 2015. Inflation rate surged to 141.5%, the worst in the world.
Venezuela is the organization of petroleum exporting countries (OPEC) members, economic dependence on oil is very big, performance is expected in 2016 is still bad. In the December elections, venezuela's President, nicolas maduro (NicolasMaduro) lost control of congress, as voters feel angry for the economic crisis.
The Venezuelan government decree declared a 60-day "economic emergency", giving maduro greater power, to intervene in the enterprise and foreign exchange restrictions. But the opposition leaders say congress has the power to approve or reject the order.
"We are facing the real storm," said maduro in union address to congress. "The storm is not, as some people think that, is in madurai ROM. Personal things, but across the country, every family will affect venezuela storm."
He promised despite the decline in international reserves, but venezuela will continue to repay the debt, denied that Wall Street against pessimistic view of venezuela will default this year.
He also insisted that have come to increase by a large amount of subsidies energy prices. , analysts said the move is very important to enrich the foreign exchange reserves, but because of political cost, maduro has been a constant commitment, has been avoided.

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