(Zero Hedge) Venezuela's President Nicolas Maduro admitted that his socialist economic model has "failed" amid food and medicine shortages as well as a failing infrastructure highlighted by Tuesday's power failure to 80% of Caracas.
Compounding matters is the IMF's Weimar-topping hyperinflation forecast of 1,000,000% by year end, and a GDP set to plummet 18% this year, as the government continues to simply print money to in hopes of filling the void of what was once the country's economy.
"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. "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."
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