Venezuela's Maduro offers few fresh ideas as economy circles drain

After promising ambitious economic measures ahead of Monday's speech, Maduro's proposals included a 300 percent minimum wage hike, dialogue with business leaders, and increased use of an inexistent state-backed cryptocurrency. There is nothing there that allows one to think that Venezuela will exit the deep crisis it's experiencing," said Asdrubal Oliveros, director of Caracas-based consultancy Ecoanalitica, on Twitter. The socialist government, they say, funds wage hikes by increasing the country's monetary supply, causing inflation to accelerate and negating any benefit an increase in the minimum wage could bring for Venezuelans.

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