The socialist president of Venezuela Nicolas Maduro announced an increase in the minimum wage by 40% a day before the announced by the opposition for general strike. Currently the minimum wage in Venezuela is just under 140 USD per month, but this is the fourth increase for 2016 and last was in August, when Maduro increase the minimum wage by 50% since September.
The current minimum wage increase looks significant, but it is disparagingly low compared with the hyperinflation in the country. Venezuela is seriously affected by the decline in oil prices, which is the source of 96% of its budget revenues, and experiencing one of the worst economic crises in its history.
The inflation in Venezuela, which is driven by shortages of basic products and services, is out of all control according to the International Monetary Fund and this year it will be 475%, while in 2017 will reach 1660%.
The opposition called for a general strike tomorrow in an attempt to overthrow Maduro. Yesterday were mobilized hundreds thousands of people in the country against the head of state. The tension in Venezuela grows after authorities stopped the procedure in a referendum for the overthrow of Maduro. The electricity was stopped in the parliament of Venezuela just before the debates for discussion of the the possibility of impeachment of Maduro. Blackout seems to be the work of the government, which considers the opposition-dominated parliament as illegitimate. To provide electricity in the parliament was included an emergency generator and the meeting continued.
Amid declining poll, which is a historically low level, Maduro fails to reduce the shortage of everything – from coffee to condoms, while trying to avert the wishes of the opposition to call a referendum against him.
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