Farewell 2011

As usual, President of the Bolivarian Republic Hugo Chávez featured widely on 2011 year's agenda. There is no doubt that his disease was the big news of the year; however, beyond his health, 2011 was filled with social conflicts, deterioration of public services and new measures which diversify the controls that national government has been exerting on financial matters.

The Laws on Costs and Fair Prices, and of Real State Rental were introduced in July and November respectively; action which regulated prices of products, services and rents. As for the inflation, it continued running at 27%, while the production of seven basic food items dropped between 10% and more than 45%.

Cases of corruption were also part of the agenda: in March, a fraud case was unveiled at state-run oil holding Petróleos de Venezuela (Pdvsa), when the US Securities and Exchange Commission announced a racket involving several bank accounts, in which it is highlighted the pension funds received by Pdvsa retirees. In May, Walid Makled landed in the country from Colombia due to an extradition ordered by Colombia's President and in June, the so-called Mafia of the Rebar was denounced.