Economists and financiers fear that the Treasury will have to print more and more money to service that debt, ultimately devaluing the currency and triggering hyperinflation, similar to what Germany experienced in trying to repay its onerous foreign debts following World War I.
Marxist analyst Jorge Martin examines the causes, responses and solution to Venezuela’s current economic crisis.
The aggravation of the economic crisis is making life unbearable for working people in Venezuela. The destruction of the purchasing power of wages has been combined with the collapse of all basic infrastructure (water, electricity and public transport). Workers in different sectors have started to organize and protest, demanding higher wages; while