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Steep pension cuts, tax increases could plunge Nicaragua into recession

In April last, the Ortega regiem announced it was raising payroll taxes and cutting pension benefits to bolster a hemorrhaing social security program.
In this Feb. 8, 2019 photo, a Sandinist ruling party banner and a national flag fly outside the Instituto Nicaraguense de Seguro Social (INSS), in Managua, Nicaragua.
Nicaraguans revolted.
The unrest led President Daniel Ortega to reverse the announced changes. But the protests continued and Nicaraguans demanded that Ortega and his wife and vice-president, Rosario Murillo, step down.
A harsh crackdown ensued that resulted in the death of mre than 300 people, thousands detained and more than 50,000 fled into exile, of which 40,000 in neighouring Costa Rica alone.
Economists and businesspeople warn that it threatens to have even more severe effects for Nicaraguans and plunge the

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