The nation’s currency — the bolivar — will be devalued, sales taxes increased and minimum wages hiked more than 3,500%, drastic adjustments that President Nicolas Maduro said he hoped would jump-start the economy.
Critics, though, predicted the worst, saying the measures are bound to fail because of rampant corruption in the country, low productivity and crippling U.S. sanctions. Business owners said they can’t possibly afford the 3,670% increase in minimum wages that Maduro requested, and trade groups immediately called for a nationwide strike Tuesday to protest the measures.
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