Maracaibo, the story of Venezuela's collapse • FRANCE 24 English

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Maracaibo is the second-largest city in Venezuela. Its residents face soaring inflation, widespread poverty and shortages. Under Hugo Chavez, Venezuela based its economy on oil exports. But the fall in oil prices led to a crippling economic crisis. Most people can no longer afford to buy food and the fishermen of Lake Maracaibo resort to smuggling to sell their meagre catch in neighbouring Colombia. Our reporters Matthieu Delmas and Chris Huby went to meet Maracaibo’s struggling residents.
Venezuela has some of the largest oil reserves in the world. But over the past three years, the country has suffered the worst economic crisis in South American history. After 19 years of rule by first Hugo Chavez and then his successor, Nicolas Maduro, the country is on its knees.
Chavez financed his generous social programmes thanks to the windfall from millions of petrodollars. With oil prices constantly rising, the economic cycle remained positive until his death in 2013.
Economy in freefall
The passing of the left-wing leader, followed by the slump in oil prices, marked the end of the Chavez-led economic boom. Today, importers can no longer afford to pay for their orders in dollars, imported food has become an unaffordable luxury, while the IMF forecasts an inflation rate of 13,800% for this year. Only petrol remains affordable. For the price of a pack of flour, drivers can fill up their tank nearly 15,000 times.
Today, Venezuela is on the brink of economic collapse. Only a few upscale residential towers, with barbed wire over the walls, hint at its past glory. Faced with runaway inflation, shortages, hunger and insecurity, two million Venezuelans have already left the country, hoping to build a better future elsewhere.

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[dandalandanph]

My heart melts 😢
I pray for Venezuela. 🇻🇪
Love from the Philippines. 🇵🇭

[rumcajs]

My grandfather used to say that if you start communism on Sahara desert, they will run out of sand...

[MammaMia-mowi]

Prayers for Venezuela🙏🙏🙏 One day your country will rise again...
love from Philippines😢

[MrDaniyuca]

I am Venezuelan my self and this is a great piece of work that shows in a very accurate way what is going on at the moment with things like the economy lack of employment and appalling quality of life of Venezuelan citizens. I hope more journalist can keep an eye on the situation to inform the world about this humanitarian crisis.

[finnyliverpool]

That woman at the end is a survivor, a boss and an absolute genius, managing to get by in such lawlessness. She has to work harder than any of us watching ever have, or will ever need to. What an amazing person. She is a real hero, not like these catsuit wearing nancys we see on the big and silver screen today. All the best to her, and to all affected. This too shall pass...

[prospermudziviri]

reminds me of Zimbabwe in 2008 ! but we survived ! i know you will Venezuelans . dont despair

[lesliegonzalez]

I'm from Venezuela and everything they say is true, it's critical here, the life has changed for everybody and there are a lot of problems that they didn't mention, they would have to make a video of 10 hours to talk about all the problems

[danielegiulianelli]

My dad was born in Venezuela he’s says it used to be the happiest and the funniest place u could be that was 30 years ago now it’s a fallen kingdom

[rajharsh]

Tears on my eyes
Love Venezuelan people
Love from India

[mostlysky]

This is so sad. Venezuela used to be one of the most prosperous Latin American countries and now seeing these images is so shocking and depressing.

[AlexaBellaMuerte]

They might be poor but Venezuelans are beautiful people

[darthutah]

It's a miracle that the country has managed to avoid civil war at this point.

[loptrent]

Main stream media in the US would never show this.

[paulm]

I'm from the US, I lived in Venezuela in the 80's Caracas, Maracaibo and Valencia (ciudad mechanica) It was 4 bolivars to the dollar. I loved the Country and the people. Some of my fondest memories to date. Wishing a quick recovery for all of Venezuela.

[SquirrelHill]

There is a book called The Maduro Diet: How three-quarters of adults in Venezuela lost an average of 43 pounds in two years

[kevinbatts]

Pay attention to the fact that neither the citizens or the reporters ever blame Socialism. They only always blame Mudoro.

[Phiapc]

I want to express my gratitude for this mini documentary being made and exposed, there is so much going on here in Venezuela, those are maybe 15% of the problems exposed but it is something being exposed beyond the massive exodus going on. Venezuela is undergoing a major crisis and the government (dictatorship) is to blame without a question. My generation, young adults who were children when this all started, are suffering a great deal to be able to survive, I am a professional, an Architect graduated with honors and I had to quit my job cause what I got paid wasn't even enough to move from my home to my workplace, that's why we are seeking opportunities beyond our boarders, we have so much to give, and we would love nothing more that to give it to our country but here we are being executed, shot dead when we protest and being killed from hunger. This madness must stop and the dictator must be removed, but the army fully supports the government and is not afraid to kill people who dare to protest and rise against it. We have lost so many young valuable life's here it's sad and frustrating to say the least. So thank you so much for showing what's going on here.

[charmainethompson]

So happy for my little Guyana
I'm really sorry for these people

My heart hurts

[xmodriver]

I hope the world is watching, ,, as this could happen to ANY COUNTRY if the system collapses.

[mannysunset]

So sad 😞 many Venezuelans are leaving the country recently there were almost 400, 000 people all ready in Peru applying for asylum