Nowhere else has the collapse of oil prices has taken a higher toll than on Venezuela, where crude provides 95 percent of the country’s export revenue. Already facing recession, Venezuela is on the brink of economic collapse.
As that revenue dried up, the country has been thrown deeper into economic turmoil under President Nicolas Maduro. The economy is expected to contract by 7 percent this year, inflation soared to 69 percent—the highest in the world—and shortages of goods have forced shoppers to line up for hours at supermarkets to buy basic foods and products. The situation descended into the surreal earlier this week when the Prime Minister of neighboring Trinidad & Tobago proposed exchanging Venezuelan oil for Trinidadian tissue paper.
Meanwhile, the confluence of short supplies and government currency restrictions has distorted prices so much that some items are entirely inaccessible for Venezuelans who don’t have access to dollars—which is…
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