Page 7 - MIN.TTC MARCH 6,2015
P. 7
WORLD NEWS A11
Friday 6 March 2015
Amid crisis, Venezuelans
commemorating Chavez
FABIOLA SANCHEZ weeks, according the web- A man holds a framed image of the late President Hugo Chavez during a pro-government
Associated Press site.
CARACAS, Venezuela (AP) “Three days ago the dol- rally outside of the Miraflores presidential palace in Caracas, Venezuela. Venezuelans
— Early morning fireworks lar at 220 was considered
burst over Venezuela’s too expensive and now it’s commemorated Hugo Chavez on the second anniversary of his death, Thursday, March 5, 2015,
capital on Thursday for a cheap,” said Jose Guerra,
commemoration of Hugo a former central bank re- even as an economic crisis threatens to undo the former president’s legacy of lifting thousands
Chavez on the second an- searcher
niversary of his death, even Driving the currency volatility out of poverty. (AP Photo/Fernando Llano)
as an economic crisis threat- is the apparent failure by the
ens to undo the former presi- government’s new currency
dent’s legacy of lifting many system to meet demand for
out of poverty. greenbacks. Last month, the
Mourners were expected to government unveiled what
gather later in the day at his it said would be a free-float-
tomb in a former military bar- ing exchange rate where
rack perched atop a hillside individuals and businesses
slum. Chavez died in 2013 could buy dollars when un-
after a long battle with can- able to obtain them at the
cer, but the exact nature of tightly controlled preferen-
the cancer has never been tial rates reserved for import
revealed. priority imports.
While Chavez is still revered But obtaining dollars at the
by many poor Venezuelans, new so-called Simadi rate,
support for his hand-picked now at 176 bolivars per dol-
successor, Nicolas Maduro, lar, has proven elusive.
has been plunging almost As Maduro’s approval rat-
as quickly as the price of oil ings have dipped into the
on which the economy de- low-20-percent range, he
pends. has leaned ever more heav-
The economy has for months ily on the legacy of the pop-
been suffering from wide- ular predecessor.
spread shortages of basic The socialist government
goods that contributed to has rolled out a type font
68 percent inflation last year, based on Chavez’s hand-
the highest in the world. And writing, and this winter it de-
poverty, which had fallen buted a ballet based on the
under Chavez, has been revolutionary leader’s life.
steadily rising even before Chavez’s portrait in a red
the economy started to beret is still seen on innumer-
contract last year, accord- able buildings. His words and
ing to the United Nations. his rendition of the national
More bad news could be on anthem can still be heard
the way, with analysts point- daily on television.
ing to a precipitous drop of Even when the Chavez
the nation’s currency on the highlight reel isn’t playing,
black market as a sign that Maduro features photos of
inflation could hit triple digits the late leader at nearly all
soon. official events. He once said
The so-called “strong boli- he’d spotted his mentor in
var” created by Chavez in the form of a little bird.
2007 weakened to a record Chavez tapped the world’s
low 260 per U.S. dollar on biggest oil reserves to aid the
Thursday, according to Dol- poor during his 14 years in
arToday, a website which office, and poverty fell from
says tracks the black mar- nearly 50 percent in 2002 to
ket rate based on currency less than 30 percent in 2011,
trades along the Colombian according to the United Na-
border. It’s fallen more than tions Economic Commission
35 percent in the past two for Latin America.q
Friday 6 March 2015
Amid crisis, Venezuelans
commemorating Chavez
FABIOLA SANCHEZ weeks, according the web- A man holds a framed image of the late President Hugo Chavez during a pro-government
Associated Press site.
CARACAS, Venezuela (AP) “Three days ago the dol- rally outside of the Miraflores presidential palace in Caracas, Venezuela. Venezuelans
— Early morning fireworks lar at 220 was considered
burst over Venezuela’s too expensive and now it’s commemorated Hugo Chavez on the second anniversary of his death, Thursday, March 5, 2015,
capital on Thursday for a cheap,” said Jose Guerra,
commemoration of Hugo a former central bank re- even as an economic crisis threatens to undo the former president’s legacy of lifting thousands
Chavez on the second an- searcher
niversary of his death, even Driving the currency volatility out of poverty. (AP Photo/Fernando Llano)
as an economic crisis threat- is the apparent failure by the
ens to undo the former presi- government’s new currency
dent’s legacy of lifting many system to meet demand for
out of poverty. greenbacks. Last month, the
Mourners were expected to government unveiled what
gather later in the day at his it said would be a free-float-
tomb in a former military bar- ing exchange rate where
rack perched atop a hillside individuals and businesses
slum. Chavez died in 2013 could buy dollars when un-
after a long battle with can- able to obtain them at the
cer, but the exact nature of tightly controlled preferen-
the cancer has never been tial rates reserved for import
revealed. priority imports.
While Chavez is still revered But obtaining dollars at the
by many poor Venezuelans, new so-called Simadi rate,
support for his hand-picked now at 176 bolivars per dol-
successor, Nicolas Maduro, lar, has proven elusive.
has been plunging almost As Maduro’s approval rat-
as quickly as the price of oil ings have dipped into the
on which the economy de- low-20-percent range, he
pends. has leaned ever more heav-
The economy has for months ily on the legacy of the pop-
been suffering from wide- ular predecessor.
spread shortages of basic The socialist government
goods that contributed to has rolled out a type font
68 percent inflation last year, based on Chavez’s hand-
the highest in the world. And writing, and this winter it de-
poverty, which had fallen buted a ballet based on the
under Chavez, has been revolutionary leader’s life.
steadily rising even before Chavez’s portrait in a red
the economy started to beret is still seen on innumer-
contract last year, accord- able buildings. His words and
ing to the United Nations. his rendition of the national
More bad news could be on anthem can still be heard
the way, with analysts point- daily on television.
ing to a precipitous drop of Even when the Chavez
the nation’s currency on the highlight reel isn’t playing,
black market as a sign that Maduro features photos of
inflation could hit triple digits the late leader at nearly all
soon. official events. He once said
The so-called “strong boli- he’d spotted his mentor in
var” created by Chavez in the form of a little bird.
2007 weakened to a record Chavez tapped the world’s
low 260 per U.S. dollar on biggest oil reserves to aid the
Thursday, according to Dol- poor during his 14 years in
arToday, a website which office, and poverty fell from
says tracks the black mar- nearly 50 percent in 2002 to
ket rate based on currency less than 30 percent in 2011,
trades along the Colombian according to the United Na-
border. It’s fallen more than tions Economic Commission
35 percent in the past two for Latin America.q
