CARACAS (Reuters) - Venezuela's President Nicolas Maduro said on Friday he and other government officials should take salary cuts as part of budget reductions in response to the lower price of oil.
The South American member of OPEC derives 96 percent of its export revenues from oil, so the drop in prices to multi-year lows on the global market has hit hard, exacerbating a national economic decline, foreign currency shortage and scarcity of basic goods.
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