Socialist Venezuela Hikes Salaries 95%

“Maduro’s historic devaluation comes as Venezuela sinks into a severe economic depression and wrestles with hyperinflation that the International Monetary Fund estimates will reach 1 million percent by the end of this year.

“You won’t find the IMF’s claws or ill-gotten prescriptions here,” Maduro said, surrounded by his economic team at the presidential palace.”

https://www.bloombergquint.com/business/2018/08/18/venezuela-hikes-salaries-in-95-devaluation-amid-hyperinflation