Venezuela leader says cash crackdown a victory over foes

CARACAS, Venezuela — Venezuela’s president said Sunday that the sudden decision to scrap the country’s most-used currency bill was an economic triumph over the country’s enemies even as the government sent troops and police to cities where riots and looting broke out over the measure.

In a national radio and television broadcast, Nicolas Maduro said his abrupt action had flooded the country’s banks with currency deposited by Venezuelans racing to get rid of the paper bills while also devastating Colombian-border currency traders he blames for the bolivar’s precipitous plunge in value against “the criminal dollar.”

Last week’s sudden announcement annulling all 100-bolivar notes led to massive lines at banks, a dramatic spurt in electronic payment and widespread fear by poorer people with no bank accounts and all their savings in the doomed bills, whose value had already plunged to a few U.S.

Read full story at TheRepublic.com