This Friday on The Broad Perspective join host, Vivian Komori, Donovan Heard, Greg Barnes and Laura Feliz as they chat with:
The Meltdown of Venezuela
Erica Bailey, a civil engineering student, is a native of Venezuela who now resides in the United States. Her parents and sister are currently trapped there and trying desperately to come LEGALLY to the US. Her Go Fund Me (gofundme.com) page is: Rescue From Venezuela
A few short years ago Venezuela was the most prosperous country in South America. It was also one of the "happiest countries on earth".
Today, Venezuela's economy is in deep crisis. It's president, Nicolas Maduro, declared a state of "economic emergency" for 60 days on Friday. Maduro's government stopped publishing any economic data about the country in 2014, but in the earlier this year that changed as data was published and it was ugly. Very ugly. Here are a few contributing factors to the meltdown.
1. The Oil crash hurt Venezuela deeply
2. It's currency (bolivar) has plummeted
3. Intense power struggles within the government
4. Unable to avoid defaulting on it's debts
5. Food shortages are escalating.