His Venezuela pals in crisis

THE Venezuelan regime praised by Jeremy Corbyn is knocking three zeros off all its currency in a last-ditch effort to tame out-of-control inflation.

The country has seen prices soar by more than 2,350 per cent in the past year.

At present, the largest note is worth 100,000 bolivars, just enough for a cup of coffee. It will be replaced by a new 100bolivar note, on June 4.

For years, the British Left hailed Venezuela as a shining alternative to capitalism. Mr Corbyn has long been a cheerleader for the regime and praised leader Hugo Chavez when he died in 2013.

Propped up by huge revenues from its oil reserves, the state embarked on a spending spree. But an unexpected drop in oil prices triggered crippling food and medicine shortages.

The currency has crashed by 99.99 per cent against the dollar since April 2013.

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