Can Venezuela Recover from Its Financial Crisis? | Inside Story

Inflation has skyrocketed, prices are at an all-time high and the national currency, the Bolivar, has lost much of its value, The financial devastation has led to mass migration, starvation and political unrest.

President Nicolás Maduro blames it on what he calls an “economic war” against his country. His critics say widespread corruption and the government's mismanagement are responsible.

In an attempt to solve the problem, the government has introduced a plan to curb hyperinflation. There's a new currency, the 'SOVEREIGN BOLIVAR', which will remove five zeroes from banknotes. It's backed by a crypto-currency, the Petro, that's pegged to the price of oil. The government is also raising the minimum wage by 3000 percent, raising taxes and increasing petrol prices for some drivers.

How are Venezuelans reacting to the new measures?

Presenter: Mohammed Jamjoom | Guests: Paul Dobson, journalist; Sonia Schott, Latin America analyst; Charles Shapiro, Former US Ambassador to Venezuela