Venezuela president declares economic emergency as inflation hits 141%

Nicolis Maduro wants broad powers to tackle the deep recession crippling the oil-dependent country but he faces a tough battle from the opposition

Venezuelan president Nicolis Maduro has declared an economic emergency, seeking broad powers to address a crippling recession in the oil-dependent country after official figures showed that inflation has spiralled to 141%.

The vaguely worded decree would grant Maduro extraordinary powers for two months to rule on economic matters but must be approved by the National Assembly, now under control of the opposition, where he gave his state of the nation address late Friday.

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