Venezuela Crisis : Is this the country’s worst?
Venezuela, once a preferred hub for immigrants is undergoing its worst crisis owing to the collapse in the prices of oil and resulting in sprawling effects on the imports and other in-country businesses with over one and a half million people reportedly already having been left the country to move to Columbia and US. With nearly a debt of $120 billion over its head and revenues fallen by 40 %, the imports have been heavily slashed by Maduro, the embattled president of the country. The added drought has drastically affected the hydropower generation, resulting in more pandemonium in the country. With the economy going down from bad to worse, the country is facing surplus shortage of food, healthcare services and education resources. There are night long queues in the shopping stores to buy food that is too much expensive with government unable to satisfy the basic needs of the people. With government offices hardly opening for two days a week in order to save electricity, the incomes are a big zero turning people into bachaqueros. People have been crossing the Columbian border for a better living. Along with inflation, the crime rates in the country have soared up high to fetch Caracas, the capital of Venezuela as the highest murder rated place in the world.
Venezuela is not undergoing its first crisis. In 1895, it went into a dispute with UK over a part of the land included in British Guiana. The second crisis hit Venezuela in 1902 and lasted three months when a Naval blockade was issued against the country by Britain, Germany and Italy after president Cipriano Castro refused to pay foreign debts and damages suffered by European citizens in the recent Venezuelan civil war. The economic state was in debt of Bs120 million in principal and Bs46million in interest with another Bs186m claimed in war-related damages. The countries then hauled up the blockade giving the Venezuela the privilege to reduce the outstanding claims.
As of the present word on the economic crisis of Venezuela, the other nations have reluctance in assisting the county due to its refute political base. Negotiations are going on with the panic of a never ending blow-off still looming in the people of the country undergoing the worst state of affairs till date.