Venezuelan President Nicolas Maduro
France 24: Venezuela's president admits economy has failed
CARACAS (AFP) - Under-fire Venezuela President Nicolas Maduro admitted his economic model has "failed" in the wake of food and medicine shortages and public service paralysis, such as Tuesday's power failure that affected 80 percent of Caracas.
"The production models we've tried so far have failed and the responsibility is ours, mine and yours," Maduro told his ruling PSUV party congress, as Venezuela looks to tackle chronic inflation the International Monetary Fund predicted would reach one million percent this year.
"Enough with the whining... we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power," he added late Monday, with the country grappling with a four-year long recession.
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Update #1: The Venezuelan city where nothing works: Running water comes once a month and cash machines are empty - as president Maduro finally admits his socialist economic policies have 'FAILED' (Daily Mail/AFP)
Update #2: Maduro brought face-to-face with Venezuela blackout woes (Global News)
WNU Editor: He is not blaming his socialist policies, he is blaming his political party for not properly implementing his socialist policies .... Socialist Venezuela Falling Apart As President Maduro Shockingly Blames Party (Forbes). And yes, it is going to get worse .... Five reasons why Venezuela’s nightmare under Maduro could get worse (Scroll).
