Courtesy of: TalCual
This week: Questions emerge as a former Iranian official is caught in Germany with an undeclared check worth around $70 million in Venezuelan currency; oddly, the Venezuelan government then accuses the opposition of corruption, as doubts grow that “chavismo” will survive without President Hugo Chávez; the anniversary of Chávez’s failed coup in 1992 calls into question who is actually in control of Venezuela; and foreign minister Elías Jaua visits China seeking further loans as shortages continue to frustrate consumers. The Economist Intelligence Unit considers Caracas, Venezuela the most expensive city in the Americas by; in the two months since Chávez’s last public appearance, shortages of staple foods continue to pile up throughout Venezuela; and the state-owned oil company Pdvsa receives more money from the Central Bank, adding more bolivars into circulation and thus boosting inflation. Lastly, after slamming the idea of spending cuts during election season, Chávez’s government moves to enact spending cuts to delay a currency devaluation; the increasing political and economic uncertainties facing Venezuela continue to impact global markets; and Venezuelan officials find over 100 firearms and 8,000 rounds of ammunition inside the Uribana prison, where a deadly riot last month killed 58.
Iran Official Probed on Undeclared Check, The Wall Street Journal
Germany is investigating a former head of the Iranian Central Bank for smuggling after customs officials seized what they said was an undeclared $70 million check he was holding from a Venezuelan state-run bank.
Venezuela rivals trade blows on corruption, Financial Times
The Venezuelan government has accelerated a mud-slinging campaign to discredit the opposition, accusing it of corruption, as doubts grow that the socialist revolution can survive without President Hugo Chávez to lead it.
On Venezuela’s coup anniversary, the big question: Who’s in control?, The Dallas Morning News
Today is the anniversary of Hugo Chavez’s failed 1992 coup attempt against then-President Carlos Andres Perez. Chavez was an army lieutenant colonel at the time of the coup, and he was responsible for deaths and blood spilled in his attempt to subvert democracy and seize power by force.
Venezuela Foreign Minister Jaua in China For More Loans as Shortages Bite at Home, Latin American Herald Tribune
Venezuela Foreign Minister Elías Jaua Milano is in Beijing holding meetings with his counterpart of the People’s Republic of China, Yang Jiechi, as well as Senior Communist Party of China (CPC) leader Yu Zhengsheng, seeking further loans as shortages of goods caused by a lack of foreign currency as well as price controls continue to frustrate consumers in the oil rich Latin American nation.
Caracas, Venezuela Is Most Expensive City In The Americas, Says Economist Intelligence Unit, The Huffington Post
Caracas, Venezuela is the most expensive city in the Americas and the 9th-most expensive in the world, according to the Economist Intelligence Unit. The Venezuelan capital jumped 25 spots from last year, according to CNN.
Venezuela’s economy: Out of stock, The Economist
IT IS now two months since Venezuelans last saw or heard from their president, Hugo Chávez, who remains in intensive care in a high-security Havana hospital, battling what seems to be terminal cancer. But it is an absence of a different kind that is uppermost in many people’s minds
Pdvsa’s higher funding to central bank spurs inflation, El Universal
In a forum organized by the Venezuelan-American Chamber of Commerce (VenAmCham), Pedro Palma, an economist and a professor at the Higher Business Studies Institute (IESA), remarked that since Venezuela’s state-owned oil company Pdvsa receives more funds from the Central Bank of Venezuela (BCV), there are more bolivars in circulation, thus boosting inflation.
Chavez Enacts Cuts He Once Slammed to Delay Devaluing, Bloomberg News
Hugo Chavez coasted to re-election last year warning Venezuelans that a victory for the opposition would lead to a “giant package” of spending cuts.
Venezuela faces increasing political and economic uncertainty, FTSE Global Markets
Due to Venezuela’s President Hugo Chavez being unable to attend the inauguration for his next presidential term originally scheduled to take place on Thursday, January 10 because of his seemingly terminal cancer, Venezuela faces a period of heightened political and economic uncertainty.
Uribana Prison Arsenal: Guns, Ammo Found In Venezuela After Deadly Riot, Official Says, The Huffington Post
Venezuelan officials found 106 firearms and more than 8,000 rounds of ammunition inside a prison following a riot last month that killed 58 people, nearly all of them inmates, the country’s top prison authority said Thursday.