MercoPress. South Atlantic News Agency
Venezuela devalues currency 32% to help cut 11% of GDP fiscal gap
Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy. The new exchange rate falls by 32% to 6.3 Bolivar per dollar starting Feb. 13, Finance Minister Jorge Giordani told reporters in Caracas. Read full article
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Disclaimer & comment rulesChanges not seen or heard from for nearly two months, hmmmm!
Feb 09th, 2013 - 09:46 am - Link - Report abuse 0Dead Man Not Walking coming through well on the séance then from his deep freeze in the mortuary.
Feb 09th, 2013 - 10:10 am - Link - Report abuse 0Do these commie twats think anybody with a brain believes this drivel?
Still, the country with the largest reserves of proven oil deposits has to devalue the currency.
You couldn’t make this up.
With Venezuela being the model for Argentina, I expect a devaluation of the pesos soon. It would go hand in hand with the recent price freezes, designed to combat a rush to buy,.. just before or after a devaluation. Not a time to own pesos. My take...
Feb 09th, 2013 - 10:14 am - Link - Report abuse 0Chris
Feb 09th, 2013 - 10:14 am - Link - Report abuse 0They are not devaluating, they are adjusting accounts. LMFAO.
Nice spin!
I so love being proven right!
Feb 09th, 2013 - 10:43 am - Link - Report abuse 0I called this nearly 2 years ago. He would get reelected and THEN devalue.
I didn't predict him dying though! I think that's called icing on the cake.
Anybody want to run a book on how long this dead bloke can run the country? The limit would have to be the next election.... or until they run out of ice...
Feb 09th, 2013 - 10:48 am - Link - Report abuse 0Apparently Chavez is receiving 'alternative' therapy. Hmmm.
Feb 09th, 2013 - 11:08 am - Link - Report abuse 0@3 There is no price control. The Argentine government stated this quite clearly in a press conference. It is just an agreement. *coughs*
Argentina next?..... Oops, its already happening!
Feb 09th, 2013 - 11:17 am - Link - Report abuse 0$1=8 pesos
@8
Feb 09th, 2013 - 11:47 am - Link - Report abuse 0yes, I know. I'm speaking for the “official rate” only.
Either Chavez gave his instructions through a medium in a seance or his Cuban doctors have wrought a modern medical miracle. Perhaps his medical team should be proposed for the next Nobel prize?
Feb 09th, 2013 - 12:41 pm - Link - Report abuse 0Mercopress says 32% Venezuela currency devaluation, “La Destruccion” old fashion necons newspaper says 46.5%.
Feb 09th, 2013 - 01:03 pm - Link - Report abuse 0May be “Clarin MIente” comes with 62% who knows
http://www.lanacion.com.ar//1553282-venezuela-reconocio-su-crisis-economica-devaluo-casi-un-50-su-moneda?utm_source=n_tis_nota2&utm_medium=titularS&utm_campaign=NLExt
R.I.P. Venezuela......
Feb 09th, 2013 - 01:10 pm - Link - Report abuse 0Sorry Venezuelans, it´s what you deserve......nothing more, nothing less......you elected a death man walking with no brain as president.....for a democratic dictatorship.
The devaluation is 46.5%, not 32%.
Feb 09th, 2013 - 01:44 pm - Link - Report abuse 0It's simple math ... going from 4.3 to 6.3 = 46.5% devaluation.
That was no surprised considering their situation, though they had a better opportunity than Rgentina considering they are a world leader in proven oil reserves. Compare them to other world leaders of oil. The real surprise is when will they announce chubby dead?
Feb 09th, 2013 - 01:54 pm - Link - Report abuse 0FritzS, it's Indec math.
This devaluation is only going to increase inflation. It is like immediately pumping 50% more money into the economy. Maybe they felt bad they lost the top spot last year to Argentina.
Feb 09th, 2013 - 03:18 pm - Link - Report abuse 0I wonder why South American countries have not learned you can not devalue your way to prosperity. Having more pesos don't necessarily mean you are richer.
This won't work anyway the black market (real) exchange rate is 20/1. It is unsustainable.
If Argentina devalues it will have to be above 8 (now) but if you ask me they're going to do something nutty like Chavez and have 3-5 different exchange rates depending on what you are buying/selling.
Idiots.
Yes, it's 46.5%.
Feb 09th, 2013 - 05:02 pm - Link - Report abuse 0Stupid twats used the final (devalued) number as the denominator.
I wonder if that is where INDEC goes wrong?
Argentina reminds me of when I was tricked as a little boy on the elementary school playground. An older kid came up to me and offered to sell me a 100 Mexican peso coin for just a couple of US dollars. What a steal! I thought.....then I got home and my parents told me the coin was worthless :/
Feb 09th, 2013 - 05:19 pm - Link - Report abuse 0Maybe Venezula should demand Argentina pay back all the money they borrowed... ;)
Feb 09th, 2013 - 06:06 pm - Link - Report abuse 0Lep they can but Rgentina already proved they do not pay back what they borrow, or else the would not be in the situation where the world is anti-rgentina
Feb 09th, 2013 - 07:15 pm - Link - Report abuse 0Currency devaluation increases exports. Guess they need the money. It may be a good thing......
Feb 09th, 2013 - 08:01 pm - Link - Report abuse 0All that oil and Chavez and Co still can't get it right - is this the right socialist model for Argentina to follow?
Feb 09th, 2013 - 08:05 pm - Link - Report abuse 0Will Argentina devalue the Peso again and fleece its people?
@19 - Captain Poppy
Feb 09th, 2013 - 08:53 pm - Link - Report abuse 0Yes I know they won't pay it back, but then the Argentine government will have to start calling Venezula pirates and vultures, and the rest of South America will know not the lend the Argentines a dime, let alone any significant funds.
I don't know Brazil sounds good for a tenner, don't think they have tapped them up for a while.
Feb 09th, 2013 - 08:58 pm - Link - Report abuse 0truly independent media
Feb 09th, 2013 - 09:25 pm - Link - Report abuse 0http://www.zerohedge.com/news/2013-02-09/after-freezing-prices-argentina-bans-all-advertising
The Big Mac was $16 in Venezuela compared to $4 in the U.S.
Feb 09th, 2013 - 09:31 pm - Link - Report abuse 0RIP cows
@24 Agent999 thats a pretty damning piece
Feb 09th, 2013 - 10:33 pm - Link - Report abuse 0They do not mind, they do not care if their government treats them like utter morons, the more they get shafted, the more they seem to like it.
Feb 09th, 2013 - 10:39 pm - Link - Report abuse 0The Botox Queen is obviously now clueless about what to do with her economy. Imagine banning advertising. Goodness gracious.
Feb 09th, 2013 - 11:02 pm - Link - Report abuse 0Hoping CLARIN finds a way to generate. enough revenue to fund themselves and keep press freedom alive in Argentina
Feb 10th, 2013 - 09:00 am - Link - Report abuse 0The trouble with most Latin countries there is NO credible opposition
Feb 10th, 2013 - 11:04 am - Link - Report abuse 0The opposition have to pay lip service to the Government
Who wants to bet the 1st thing that goes is SOY for OIL and free OIL to the Bolivarian Socialist Countries. Cuba is doomed.
Feb 10th, 2013 - 02:13 pm - Link - Report abuse 0Hugo Chavez, president of Venezuela, will die, according to his doctors. These doctors have notified Chavez's family and the Venezuelan government that he has lost his voice and, after a fourth surgery failed to cure his cancer, the recently reelected president will not recover.
http://www.policymic.com/articles/25326/hugo-chavez-loses-his-voice-venezuelan-president-is-unable-to-recover-from-cancer
Another article on his absence
Feb 10th, 2013 - 02:40 pm - Link - Report abuse 0http://www.eluniversal.com/nacional-y-politica/130209/president-chavezs-absence-likened-to-surrealist-novel
http://www.huffingtonpost.com/2013/02/05/germany-check-bust-stirs-_0_n_2622017.html
Feb 10th, 2013 - 06:18 pm - Link - Report abuse 0another funny story regarding Venezuela
Some say this
Feb 10th, 2013 - 07:38 pm - Link - Report abuse 0Some say that,
But one things for sure,
He aint saying nothing.
??
@31 yankeeboy
Feb 10th, 2013 - 07:45 pm - Link - Report abuse 0According to the article Chubby has lost his voice. Strange that as he gave orders to do the devaluation himself only yesterday!
The telling phrase is shown below:
“Symptoms of cancer progression are again clearly evident.”
I still think he is in the freezer and has been for some time.
Perhaps they contact 'him' by séance.
Youtube video of how Venezuelans are reacting http://www.youtube.com/watch?v=_Kp-kUHdJ00&feature=youtube_gdata_player
Feb 10th, 2013 - 11:39 pm - Link - Report abuse 0The alternative therapy that Chavez is currently recieving is probably plastination.
Feb 11th, 2013 - 01:03 pm - Link - Report abuse 037. Argentina will have the same problems shortly. It is the only country in the world where Cars and Appliances GO UP in value (peso terms) over time!
Feb 11th, 2013 - 01:18 pm - Link - Report abuse 0Next time I go I am going to bring a suitcase full of sugar and another full of toilet paper and live like a KING for a month.
37 Idlehands
Feb 11th, 2013 - 02:58 pm - Link - Report abuse 0Brilliant!
I think TMBOA should be next for the treatment.
Does it really take this long to make a glass crypt? I wish they would get it over and the venezuela that chubbies blood was replaced by formaldehyde.....though he really belongs in an ashtray.
Feb 11th, 2013 - 04:44 pm - Link - Report abuse 0All that oil and they still can't manage their economy and poor old Argentina is following in the footsteps of Chavez and Co. Will Argentina follow and devalue (again) when the poor old Peso is reduced to bum fodder?
Feb 11th, 2013 - 06:07 pm - Link - Report abuse 0Disaster beckons....
@38 haha
Feb 11th, 2013 - 06:39 pm - Link - Report abuse 0#41 yes all that oil, one of the largest proven reserves in the world and they are still broke.....why? A few reasons:
Feb 11th, 2013 - 09:19 pm - Link - Report abuse 01- they want to give outright handouts to the poor rather the help the poor by providing opportunity and subsidies until they are self sufficient.
2-The corruption is so perversion there that little is left for the poor.
3-Mis-management of the industry. Rather than hire the best in the industry, as they can well afford it, the place bureacratic croonies in charge of the industry.
My brother in law has been going there for years. He said it's worst than what is reported and near war zone conditions. The chubby legacy is one of indoctrination of the poor and exploiting the working and middleclass......just like rgentina. In fact. rgentina is so closely resembling venezuela that it is scary, only the rgentines don't get it yet. The dollar clamp was chubbies idea. I hope chubby is lifting his glass of formaldehyde and yelling.....SALUDE!
like this
Feb 12th, 2013 - 12:39 pm - Link - Report abuse 0http://www.payvand.com/news/13/feb/1049.html
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