Page 11 - ATD23Jan2016
P. 11
WORLD NEWS A11
Saturday 23 January 2016
Venezuela congress nixes Maduro request for emergency powers
CARACAS, Venezuela (AP) ers.The opposition argues A man crosses a street with his bags of groceries outside of a supermarket, in Caracas, Venezuela,
— Venezuela’s opposition- that Maduro is responsible where people are lined up to buy price regulated toilet paper made available for sale by the
led congress on Friday for raging inflation and government, Friday, Jan. 22, 2016.
rejected President Nico- chronic shortages dogging
las Maduro’s request for daily life here, and is prom- (AP Photo/Fernando Llano)
emergency powers amid ising to oust him within six
a plunging national econ- months. The debate took frontation,” he said as state ed the decree as a trap in- doors.
omy, the depths of which place against the back- television began promot- tended to make them look On the contrary, today we
were dramatized by an IMF drop of more grim econom- ing the slogan “irrespon- intransigent and unwilling opened the door to a seri-
estimate that inflation this ic news as the International sible opposition.” to fix the economy. ous discussion,” majority
year will top 700 percent. Monetary Fund predicted Opposition leaders reject- “We’re not closing any leader Julio Borges said. q
Ruling party and opposi- that inflation in Venezuela
tion lawmakers accused would more than double
each other of trying to run in 2016, reaching 720 per-
the country into the ground cent. The South American
in the first major congres- nation already suffers from
sional debate Venezuela the world’s highest infla-
has seen in more than a tion and a crushing reces-
decade. Critics of the so- sion. The IMF estimates that
cialist revolution kicked prices rose 275 percent last
off by late President Hugo year in Venezuela, while
Chavez took control of the economy contracted
congress last month for the by 10 percent. Ahead of
first time in 17 years. the final vote on his decree,
Maduro had proposed an Maduro announced he
economic emergency de- had approved a change
cree that would give him that will allow the country’s
expanded authority for small export sector to use a
60 days. In the past, when more favorable currency
it was dominated by first exchange rate. He scold-
Chavez’s and then Madu- ed opposition activists for
ro’s allies, congress made “turning their back on the
a habit of approving these country.” “They’re bent on
kinds of exceptional pow- the politics of sterile con-
Argentine president says debt
talks slower than he expected
BUENOS AIRES, Argentina the request of the holdout
(AP) — Argentine President creditors. Argentina is rene-
Mauricio Macri said Friday gotiating about $10 billion
that talks to reach a fair of unpaid debt owed to US
agreement with holders of hedge funds, which sued
the country’s unpaid bond the country in New York
debt may be slower than court to receive payment
anticipated. in full. A solution with the
Macri said that “there are holdout creditors would al-
no concrete results” so far low Argentina to return to
in efforts since he took of- the voluntary debt market,
fice last month. Speaking said Juan Luis Bour, a Bue-
at the World Economic Fo- nos Aires-based economist.
rum in Davos, Switzerland, Argentina has a growing
he said he’d expected fiscal deficit and needs to
more progress. tap external sources to fi-
Macri confirmed Argentina nance it, Bour said. Without
will make a proposal to the access to foreign sourc-
creditors involved in its 2001 es of funding, Argentina
default on Feb. 1. The state- would have to fund the
run news agency Telam fiscal deficit through mon-
says the presentation was etary expansion, spurring
postponed from Jan. 25 at inflation.q
