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Two Supermarket Executives Charged With Hoarding in Venezuela

Essential items were discovered in a warehouse belonging to the Dia Dia supermarket chain, February 2, 2015 (Photo: @VillegasPol

Two managers of the private supermarket chain Dia Dia were formally charged by the Venezuelan state prosecutor yesterday with the alleged crimes of boycott and destabilization of the economy.

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World Bank Rules in Venezuela's Favor, Rejects "Exorbitant Compensation" in Tidewater Nationalization Case

ICSID rules in favor of Venezuela in Tidewater case in Lake Maracaibo  (RNV)

The International Center for Settlement of Investment Disputes (ICSID) of the World Bank ruled in favor of Venezuela on Monday, rejecting the "exorbitant compensation" demanded by Tidewater.

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Venezuela Makes Debt Payment Despite Talk of Default

President Nicolas Maduro made the debt announcement on Monday during a meeting in the presidential palace March 16, 2015 (Photo:

The government of Venezuela serviced its debt with a US$1 billion payment Monday, debunking myths that the country is on the verge of a default.

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Extreme Poverty in Venezuela Drops to Record Low

More than 36,000 Venezuelans escaped extreme poverty in 2014. (AVN)

The level of extreme poverty in Venezuela dropped to a record low of 5.4 percent in 2015, Social Development Minister Hector Rodriguez said Monday.

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What Is Happening in Venezuela?

Opposition supporters protest against the Venezuelan government and in support of jailed opposition leaders Leopoldo Lopez and A

Coups and countercoups. Crackdowns. Economic crackups. Seven cents for a tube of toothpaste and $755 for a box of condoms. Falling oil prices. The arrest of an opposition leader. Washington plots. Human Rights Watch tweets. South America rallies.... Greg Grandin talks to a panel of experts to find out what really is going on in Venezuela.

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Venezuela’s New Forex System Sees Steady Results

(Stock)

The new foreign exchange mechanism Simadi, introduced by the Venezuelan finance minister on February 10th, has so far seen promising results. 

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FAO Representative Debunks Myth of Increased Hunger in Venezuela, Highlights Urban Farming Initiatives

FAO representative for Venezuela, Marcelo Resende (Photo: Miguel Romero)

FAO Representative Marcelo Resende says Venezuela's urban agriculture is playing a key role in improving food sovereignty.

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Raising the Price of Gasoline: An Inflationary Measure for No One’s Benefit

It is estimated that 100,000 barrels of oil and gasoline are smuggled out of Venezuela daily (Credit teleSur)

Deivi Peña argues that increasing the price of gasoline will give the Venezuelan oligarchy an excuse to intenify the economic war by setting off a further spiral of inflation that will harm working class people. 

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Venezuela Announces New Currency Exchange Mechanism Based on “Supply and Demand”

The measure officially comes into effect this Wednesday (Aporrea).

The Venezuelan Central Bank has announced the creation of a new currency exchange entity known as SIMADI, which will allow dollars to be sold and purchased legally according to “market rates”. The new mechanism will operate alongside SICAD I and SICAD II, which will continue to sell dollars at an exchange rate set by the government. 

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An Oral History of Grassroots Venezuelans in the Midst of the Economic War

A woman shows her constitution and support for President Maduro at Plaza Bolivar on January 21. (Cory Fischer-Hoffman)

While the shortages and long-lines are creating serious inconveniences and undeniable burdens on most Venezuelans, beyond the frustration, the voices of grassroots Venezuelans are getting lost beneath negative predictions of macroeconomic collapse. In this oral history collage, members of the Venezuelan grassroots and popular movements speak for themselves about the roots of the economic war, their strategies in the face of it, and the solutions that they propose.

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