In socialist Venezuela, the U.S. dollar becomes king

Section:

By Rachelle Krygier
Washington Post
Thursday, August 2, 2018

CARACAS, Venezuela — As hyperinflation spirals toward 1 million percent, Venezuelans are confronting a deepening crisis that is pulverizing their incomes and spreading hunger.

Increasingly, the line between survival and starvation is determined not by having a job or an education, but something else.

Access to U.S. dollars.

Long decried as a symbol of imperialism by President Nicolás Maduro, the American greenback is now king in a country broken by mismanagement, corruption and years of failed socialist policies. The dollar's importance has soared as the local currency, the bolívar, has become nearly worthless.

... Dispatch continues below ...


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This week, for instance, the price of a dozen eggs topped 2.6 million bolívares -- equal to two weeks' pay at the minimum wage. But for a Venezuelan who can exchange dollars at the black market rate, those same eggs are a relative bargain, costing only 60 cents.

Venezuelans are increasingly being separated into two classes: those who have dollars and those who do not.

Consider the case of the Berroterán sisters. ...

... For the remainder of the report:

https://www.washingtonpost.com/world/in-socialist-venezuela-the-us-dolla...

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