Today both pro-government and opposition supporters held large marches in Caracas, as well as smaller ones around the country, to mark International Workers Day. While government supporters celebrated a minimum wage increase and the labour law, opponents of the government demanded a “fair wage”.
Venezuela's recent devaluation has sparked quite a bit of discussion in the international press. The Venezuelan opposition has naturally framed it as desperate move to head off inevitable economic collapse.
Venezuelan President Hugo Chavez announced a devaluation of the official exchange rate of the bolivar currency and the creation of a second rate denominated the “oil bolivar” for non-essential imports, in a nationally televised address on Friday.