“It’s a very, very difficult situation with the economy falling by nearly 50% since 2013. It’s the largest decline we’ve seen, and outside of a war, since the fall of the Soviet union, it’s a huge, huge, huge economic crisis,” Francis said.
Maduro blames what he calls US economic terrorism for Venezuela’s misery and as recently as Wednesday declared that he was battling an American-led coup to overthrow his government.
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The Trump administration continues to try and pressure Maduro using targeted financial sanctions. The latest sanctions, announced this week by the US Treasury Department accuse Maduro insiders of using the currency exchange market to skim millions in illicit profits.
“Our actions against this corrupt currency exchange network expose yet another deplorable practice that Venezuela regime insiders have used to benefit themselves at the expense of the Venezuelan people,” US Treasury Secretary Steven Mnuchin said in a statement.
Through nearly a decade of mismanagement, Venezuela has squandered its profound oil wealth, leaving its economy in tatters and Latin America reeling from an unprecedented mass exodus of migrants in search of food and medicine.
The UN estimates as many as 3 million Venezuelans have fled since 2014.
Source: With his country in crisis, Venezuelan President begins another term
