The largest denomination of Venezuela’s crippled currency was pulled from circulation before the new, larger-denomination bills were able to enter it, ATMs and wallets are mostly empty, and Christmas is just a little more than a week away.
Since Sunday’s shock announcement that (almost) all 100-bolivar notes were being called in by the government to combat the hoarding of currency so worthless that it needs to be weighed to be spent, the past week’s daily scenes of frustrated people crowding banks and automated teller machines to deposit the bills culminated Friday in utter exasperation following President Nicolas Maduro’s announcement late Thursday that the new money would be late.
Life is getting tougher for Venezuelans with their largest bank note and most widely available note now is worthless. 40% of the population doesn't have a bank account and smaller bill are practically impossible to come by. The tensions are heating up with gas stations only accepting cash and people waiting in long lines to deposit 100 Bolivar notes into the Federal Bank and only to get IOUs that no businesses will accept. Looting and protests erupted in several cities on Saturday with people calling for businesses to accept the 100 bolivar notes.
I'm surprised the people have put up with this corruption for so long. It may be nearing the end for the Murduro presidency if things don't start to get better.
Jsnip4 had a few things to say about this too.
Chavez's daughter is reported to be worth 4.2 billion in a socialist society. How is that possible if everything is distributed evenly? Let's hope that the men they call in to keep the people in line refuse the order and instead turn on their masters.
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