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Venezuela´s fiscal deficit leads
to second devaluation in five weeks

El Universal [Caracas, Venezuela], by Víctor Salmerón

Original Article

Posted By:PageTurner, 4/2/2013 4:11:20 PM

Amid an accelerated rise in expenditure, increasing losses in state-run oil companies, and costly subsidies, Venezuela´s income is not enough for the Government, which currently faces a serious fiscal imbalance although the oil basket averages a record high of USD 103 per barrel. As a result, two devaluations have been implemented in the last five weeks so as to obtain more bolivars per petrodollars. However, it all seems that despite the significant adjustment in the foreign exchange rate, which will spur the cost of imports and therefore will hit the people, the fiscal crisis will continue.

Comments:
What was that again about ´deficits don´t matter´?

      


Post Reply  

Reply 1 - Posted by: Pearson365, 4/2/2013 4:52:18 PM     (No. 9256107)

Not entirely bad news. The Venezuela government may be forced to stop selling oil at below market prices or as barter to:

1. The Cuban government, which sends physicians to Caracas in exchange for oil to sustain the regime.
2. The Sandinista regime in Nicaragua.
3. The Kennedy regime in Massachusetts. Joseph Kennedy IIi makes $1 million plus a year while his wife takes in another $300,000 thanks to Citgo & Chavez.

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Reply 2 - Posted by: ida Lou Pino, 4/2/2013 5:33:07 PM     (No. 9256161)

Get out your wheelbarrows, amigos. The container of milk is starting to run low.

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