This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/world-latin-america-30638770

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Venezuela enters recession as Maduro attacks US 'oil war' Venezuela enters recession as Maduro attacks US 'oil war'
(about 5 hours later)
The Venezuelan economy has entered recession, after contracting for the third consecutive quarter. The Venezuelan economy has entered recession, after contracting for the third consecutive quarter of the year.
The Central Bank announced that the economy had shrank by 2.3% in the third quarter of the year. The Central Bank announced that the economy had shrunk by 2.3% in the third quarter of the year.
President Nicolas Maduro said the Venezuelan economy had been affected by political instability and dropping oil prices in international markets.President Nicolas Maduro said the Venezuelan economy had been affected by political instability and dropping oil prices in international markets.
Mr Maduro accused the United States of flooding the markets with oil as part of an economic war against Russia. He accused the United States of flooding the markets with oil as part of an economic war against Russia.
The central bank also said inflation had reached 63.6% in the 12 months to November, one of the highest rates in the world.The central bank also said inflation had reached 63.6% in the 12 months to November, one of the highest rates in the world.
Mr Maduro announced a number of measures to boost economic growth and control inflation, including reforms to Venezuela's currency control system.Mr Maduro announced a number of measures to boost economic growth and control inflation, including reforms to Venezuela's currency control system.
"The details will be extensively explained after the New Year's greeting," Mr Maduro told reporters."The details will be extensively explained after the New Year's greeting," Mr Maduro told reporters.
'Anti-Opec plan''Anti-Opec plan'
Mr Maduro said speculation had affected the inflation rates and that the economic performance could have been worse had not the government acted. Mr Maduro said speculation had affected inflation but he also praised government efforts to rein in the increases.
He said his country was suffering the consequences of an economic war launched by President Obama against the oil producers' cartel, Opec. He said his country was suffering the consequences of an economic war launched by US President Barack Obama "to destroy" the oil producers' cartel, Opec.
"Let's see if [President] Obama will manage to carry on with his plan to destroy Opec," Mr Maduro said. "It is a two-year plan, which is affecting the prices of commodities and many developing economies," Mr Maduro said.
"It is a two-year plan, which is affecting the prices of commodities and many developing economies.
"The US wants to impose a unipolar world controlled from Washington. That is madness.""The US wants to impose a unipolar world controlled from Washington. That is madness."
Mr Maduro said the crisis offered a "great opportunity for Venezuela to change its economic model". The crisis offered a "great opportunity for Venezuela to change its economic model," the president added.
Venezuela has the world's largest proven oil reserves. Its economy is highly dependent on oil exports. Venezuela has the world's largest proven oil reserves, with its economy highly dependent on oil exports.
The Venezuelan opposition blames the socialist policies of Mr Maduro and his late predecessor, Hugo Chavez, for a shortage of many staples and a serious economic crisis. The Venezuelan opposition blames the socialist policies of Mr Maduro and his late predecessor, Hugo Chavez, for a shortage of many staples, such as corn oil and milk, amid a serious economic crisis.
The economy shrank by 4.8% and 4.9% respectively in the first and the second quarters of 2014.The economy shrank by 4.8% and 4.9% respectively in the first and the second quarters of 2014.