CARACAS, Tuesday February 12, 2013 | Update

Venezuelan Government vows to "fight speculation"

Venezuela's Minister of Industries Ricardo Menéndez denounced "cowardly campaigns launched by some sectors of the oligarchy," against the adjustment in the foreign exchange rate

Tuesday February 12, 2013  04:26 PM
Venezuela's Minister of Industries Ricardo Menéndez said that the Venezuelan Government "will fight against speculation and speculators," once the new foreign exchange rate enters into force as announced on Friday by government officials.

The minister denounced "cowardly campaigns launched by some sectors of the oligarchy," against the recent monetary adjustment. Menéndez claimed that the decision to devalue the local currency was based on "sovereignty, and it is different from the decisions made in the 1990s," when the Venezuelan governments "kneeled down before the International Monetary Fund (IMF)." 

Menéndez also outlined the different projects on "productive development" that will continue or will be kicked off in Guyana's basic industries (southeast Venezuela). He stressed that significant resources for this purpose both in bolivars and US dollars have been already approved at the meeting of the Council of Ministers held last Friday.

Translated by Jhean Cabrera
This is all there is

A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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