Venezuelan government decrees 60-day ‘economic emergency’

    Venezuelan President Nicolas Maduro's socialist government decreed on Friday (January 15) a 60-day "economic emergency" for the recession-hit OPEC nation reeling from low oil prices and a sputtering state-led economic model. The government also published the first macroeconomics data for more than a year, showing GDP dropped in the third quarter while inflation surged. The decree, read by new economy vice president Luis Salas and to be debated next week by parliament, did not mention any major policy changes such as a widely-rumored currency devaluation or a hike in the price of heavily-subsidized fuel. "I decree Article One, an economic state of emergency across the entire national territory in conformity to the Bolivarian Constitution of Venezuela and its judicial order so that the executive (branch) makes use of his powers to adopt opportune measures to allow it to deal efficiently with the exceptional and extraordinary situation in which the Venezuelan economy currently finds...