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Dollars Are Out, Euros Are In as U.S. Sanctions Sting Venezuela

“Venezuela said it will shun the greenback and inject 2 billion euros ($2.3 billion) into its sinking economy as U.S. sanctions limit the cash-strapped nation’s access to capital markets. Economy Vice President Tareck El Aissami said Tuesday that going forward all government auctions of foreign exchange would be quoted in euro, yuan and other hard currencies due to a so-called financial blockade imposed by the administration of U.S. President Donald Trump and the country’s political opposition.

Venezuela’s ruling socialists have struggled to tame hyperinflation and address the collapse of what had once been one of Latin America’s most affluent countries: Wide-scale hunger, and the breakdown of public services has seen millions of citizens flee the oil-rich country for neighboring countries, creating region’s largest-ever migration crisis.”

Source: Dollars Are Out, Euros Are In as U.S. Sanctions Sting Venezuela – Bloomberg

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