Venezuelan finance minister does not rule out substitute for Sitme
The minister says he spoke to President Hugo Chávez last December 28
The finance minister stated that Sitme "had to come to an end" because "it was fed inadequately through two sources: government and state-owned oil company Pdvsa's indebtedness."
Giordani admitted that Venezuela's devaluation will have inflationary effects, and indicated that the rise in the price of some products had been reported prior to the adoption of the economic measure. "We have been hit (by inflation) in the latest months, namely October, November, December, and even January..."
"Inflation is associated with a problem in domestic output; it is vital to produce because there is demand," he noted.
Giordani asserted that he has been in contact with Venezuelan President Hugo Chávez, particularly last December 28 when Chávez called him asking specific questions about all the economic actions.
Translated by Jhean Cabrera
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.