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Venezuela state employees to work two-day week to save energy
The problems in Venezuela continue to mount. The government of Nicolas Maduro has declared an economic emergency. There are now daily rolling blackouts (of up to 4 hours) due to an electricity shortage caused by low water levels at the Guri hydroelectric dam which provides 75% of Venezuela's electricity. The government says the electricity rationing will last for at least 40 days. Low water levels are also effecting water supply and pressure. The prices of staple items is growing exorbitant and supermarket shelves are becoming empty. Inflation skyrocketed 141% in 2015 and could increase by another 500% in 2016. The government is cash strapped due to low global oil prices. Venezuela's economy shrank 5.7% in 2015 and is expected to contract an additional 8% this year. The Bolivar (Venezuela's currency) is now worth less than a penny on the black-market exchange. The nations hard-currency reserves are severely depleted. Venezuela owes over $10 billion in debt payments which will be due in October and November. The country will certainly default. No eggs, no milk, low water pressure, electricity rationing, increasing layoffs. Social unrest is climbing.
Apr 26, 2016
Drought has severely impacted electric generation at the El Guri hydroelectric dam
Venezuela's socialist government ordered public workers on Tuesday to work a two-day week as an energy-saving measure in the crisis-hit South American OPEC country. President Nicolas Maduro had already given most of Venezuela's 2.8 million state employees Fridays off during April and May to cut down on electricity consumption. "From tomorrow, for at least two weeks, we are going to have Wednesdays, Thursdays and Fridays as non-working days for the public sector," Maduro said on his weekly television program.
The problems in Venezuela continue to mount. The government of Nicolas Maduro has declared an economic emergency. There are now daily rolling blackouts (of up to 4 hours) due to an electricity shortage caused by low water levels at the Guri hydroelectric dam which provides 75% of Venezuela's electricity. The government says the electricity rationing will last for at least 40 days. Low water levels are also effecting water supply and pressure. The prices of staple items is growing exorbitant and supermarket shelves are becoming empty. Inflation skyrocketed 141% in 2015 and could increase by another 500% in 2016. The government is cash strapped due to low global oil prices. Venezuela's economy shrank 5.7% in 2015 and is expected to contract an additional 8% this year. The Bolivar (Venezuela's currency) is now worth less than a penny on the black-market exchange. The nations hard-currency reserves are severely depleted. Venezuela owes over $10 billion in debt payments which will be due in October and November. The country will certainly default. No eggs, no milk, low water pressure, electricity rationing, increasing layoffs. Social unrest is climbing.