Capriles: Venezuela needs no devaluation, but stopping handouts

Venezuelan opposition governor and former presidential candidate Henrique Capriles Radonski said that the Executive Office on Wednesday started to implement the "red package" (government economic moves), upon the enforcement of the new foreign exchange rate, following 46.5% devaluation of the Venezuelan currency with respect to the US dollar.

In his twitter account, Capriles said rather than devaluation, the Venezuelan Government should "put an end to handouts to other countries." The opposition leader remarked that during his presidential campaign he explained that there was no need to devaluate the currency.

Capriles also stressed that expropriations "finished off" domestic production. He added that today some 80% of the products consumed in Venezuelan are imported.

In another twit, Capriles said that the country needs a government capable to foster trust and investments, and to boost domestic production."

Capriles underscored that the government allocated substantial economic resources to President Hugo Chávez's presidential campaign and claimed that the government only cared about winning 2012 presidential election, at any cost.

Capriles added that the lie has been unmasked. "Devaluation and higher inflation is all we know about the red package so far."

Translated by Jhean Cabrera