Chavez devalues currency, creates a distraction

Fausta’s Blog
January 9, 2010

The headline reads, Venezuela Says Its Jets Intercepted U.S. Plane, but the real story is this:

Separately, Mr. Chávez announced a currency devaluation for the first time since 2005. The president said Venezuela’s currency, the bolivar, will now have two government-set rates depending on the use, either 2.60 to the dollar for transactions deemed priorities by the government or 4.30 to the dollar for other transactions. The currency’s official exchange rate has been held by the government at 2.15 bolivars to the dollar.

This is bad news for Venezuela. Noticias 24 refers to the devaluation as “Hugo Chávez’s Black Friday.

Therefore, is anyone surprised that Chavez is making up stories about Venezuela’s air force capabilities?

Comments are closed.