Venezuela takes tiny steps toward fixing economy

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Venezuela's President Nicolas Maduro has announced long-awaited economic reforms, but analysts say they'll barely have any effect in rescuing the economy.

The socialist president has raised gasoline prices and devalued one of the oil country's multiple exchange rates. He assures supporters that doesn't amount to a dramatic austerity scheme.

Analysts agree. They say the the modest adjustments have no hope of bringing in the money Venezuela needs to save its crashing economy.

Underlining the gravity of the situation, the Central Bank said Thursday said inflation hit 181 percent last year, and the economy shrank by nearly 6 percent.

The government says it spends more than $12 billion a year to subsidize gasoline. The new scheme means it will costs dimes instead of pennies to fill a gas tank.