Venezuela's 'desperate' currency devaluation won't save its economy from collapse
- Written by Benjamin J. Cohen, Professor of International Political Economy, University of California, Santa Barbara
Venezuela recently announced one of the most dramatic currency reforms in history in a move that essentially devalues the bolivar by about 95 percent.
Its ironically named bolivar fuerte, meaning “strong,” first introduced 10 years ago, will be replaced by a new “sovereign” version at a conversion rate of 100,000 to one...
Read more: Venezuela's 'desperate' currency devaluation won't save its economy from collapse