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Venezuela's President Maduro tries to calm nerves Venezuela's Maduro defends withdrawal of major banknote
(about 3 hours later)
Venezuela's President Nicolas Maduro says his abrupt decision to scrap the country's most-used banknote has allowed the country to triumph over its enemies. Venezuelan President Nicolas Maduro says his decision to scrap the nation's most-used banknote has allowed it to triumph over its enemies.
He said taking millions of 100-bolivar notes out of circulation had smashed the black market. The withdrawal of the 100-bolivar note has prompted protests and looting in several states as the supply of ready cash rapidly ran out.
The withdrawal prompted protests and looting in several states as the supply of ready cash rapidly ran out. But Mr Maduro said taking millions of notes out of circulation had smashed the black market.
On Saturday President Maduro postponed the withdrawal until early January. He has, however, postponed the withdrawal until early January.
But there were still reports of rioting on Sunday as anxiety continued to run high. Nevertheless, some businesses were reportedly still refusing to accept the 100-bolivar notes, even though they remain legal tender until the new year.
Local reports said some businesses were still refusing to accept the 100-bolivar notes, even though they will now remain legal tender until the new year.
Venezuela pulls banknote 'to hit mafia'Venezuela pulls banknote 'to hit mafia'
Venezuelans mock 'useless' banknoteVenezuelans mock 'useless' banknote
What is behind the crisis in Venezuela?What is behind the crisis in Venezuela?
In the western state of Tachira people raided warehouses in search of food. There were more reports of rioting on Sunday. In the western state of Tachira people raided warehouses in search of food.
Many said they were afraid of what will happen next, even after the government's attempt to calm the situation down with the postponement of the withdrawal. Many said they were afraid of what would happen next, despite the postponement of the withdrawal.
At the Colombian border there were scuffles as people scrambled to buy food and medicine, which are scarce in Venezuela.At the Colombian border there were scuffles as people scrambled to buy food and medicine, which are scarce in Venezuela.
The president said that Venezuela's borders with Colombia and Brazil would remain closed until the 100-bolivar note ceases to be legal tender on 2 January, in order to prevent black market trading. Mr Maduro said that Venezuela's borders with Colombia and Brazil would remain closed until the 100-bolivar note ceased to be legal tender on 2 January, in order to prevent black market trading.
Venezuelans are only allowed to cross the border on foot for family visits.Venezuelans are only allowed to cross the border on foot for family visits.
Mr Maduro said on state TV 300 alleged looters had been arrested. Mr Maduro said on state TV that 300 alleged looters had been arrested.
Addressing opposition parties, he said, "Don't come and tell me they are political prisoners." Addressing opposition parties, he said: "Don't come and tell me they are political prisoners."
He accused the riot leaders of taking instructions from President Barack Obama, alleging they wanted to engineer a coup against Venezuela's left-wing government.He accused the riot leaders of taking instructions from President Barack Obama, alleging they wanted to engineer a coup against Venezuela's left-wing government.
Mr Maduro said the first batch of new higher denomination bank notes which will replace the 100-Bolivar note would arrive on Sunday and be put into circulation. State TV showed a plane arriving on Sunday afternoon carrying the first batch of replacement notes, the 500-bolivar.