The socialist regime’s plan to rescue the economy will probably fail
NICOLÁS MADURO calls it “a really impressive magic formula”. His paquetazo rojo (big red package) features a new currency that lops five zeroes off the nearly worthless bolívar, a sharp increase in the price of fuel and a rise in the minimum wage of more than 3,000%.
Forget magic. The president’s formula, even with some welcome new bits of realism, will almost certainly fail to rescue Venezuelans from their economic agony.
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