Venezuela Declares an Economic Emergency and Releases Data Showing How Bad It Is

January 16, 2016 3:44 AM

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Venezuela's socialist government decreed an "economic emergency" on Friday and published the first data in a year showing the depth of a recession fueled by low oil prices and a sputtering state-led model.

The government's decree, which the opposition-led congress says it has the power to approve or reject, sets a 60-day "economic emergency" and would give President Nicolás Maduro wider powers to intervene in companies or limit access to currency.

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