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WORLD NEWSWednesday 2 March 2016
AP Interview: Facebook’s Latin
American leader
Inflation-hit Venezuela plans to print bigger bills arrested in Brazil
FABIOLA SANCHEZ Venezuela’s Central Bank Chairman Nelson J. Merentes gives an interview at his office in Ca- BRUCE DOUGLAS
Associated Press racas, Venezuela, Monday, Feb. 29, 2016. Merentes’ confirmed that the monetary authority is Associated Press
CARACAS, Venezuela (AP) preparing to print larger bills, something that had been rumored for months and which market RIO DE JANEIRO (AP) — Po-
— Venezuela’s govern- economists say will only accelerate inflation that last year hit 181 percent, the highest in the world. lice in Sao Paulo have ar-
ment will begin printing rested Facebook’s most
larger-denominated bank (AP Photo/Ariana Cubillos) senior executive in Latin
notes sometime this year, America in the latest clash
a top finance official said, — is worth 50 U.S. cents at undermining support for el in 17 years after Venezue- between Brazilian authori-
as runaway inflation has President Nicolas Maduro, la made a $1.5 billion bond ties and the social media
eroded the value of the the weaker of two official whose socialist party lost payment last week. Despite company over its refusal
nation’s biggest bill to less congressional elections in the country’s strong track to provide private informa-
than a U.S. dime on the rates and less than 10 cents December by a landslide. record of repayment, in- tion about its users to law
black market. The misery is expected to vestors have been betting enforcement.
Central Bank President Nel- at the widely used black continue this year as world that state-run oil company A Tuesday news release
son Merentes’ comments prices for oil hover near a PDVSA will default on a $2 says that Facebook’s vice
in an interview Monday market rate. 13-year low, cutting into billion payment toward the president for Latin Ameri-
with The Associated Press earnings from petroleum, end of the year. ca, Diego Dzodan, was ar-
were the first confirma- So worthless has the boli- which account for 95 per- Merentes dismissed default rested on an order from a
tion that Venezuela is pre- cent of Venezuela’s export talk, saying Venezuela will judge in the northeastern
paring to print larger bills, var become that shoppers revenue. continue to pay its foreign state of Sergipe. Dzodan
something that had been The International Monetary debts and reach financial is accused of ignoring a
rumored for months. no longer count bills when Fund has forecast Ven- equilibrium by reducing judicial order in a secret
Merentes, who has helped ezuela’s inflation this year non-oil imports by around investigation involving or-
steer the economy for given change and social could surge to 720 percent. 40 percent this year, about ganized crime and drug
more than a decade as fi- Foreign currency reserves the same rate it did last trafficking.
nance minister and then as media is full of Venezuelans plunged to their lowest lev- year. Facebook said in a written
head of the central bank, statement released Tues-
disagreed. He said that using the bills tongue-in- day that the two compa-
far from generating pan- nies operate independent-
ic among inflation-wary cheek as substitutes for ev- ly “so the decision to arrest
Venezuelans the new bills an employee from another
will reduce price pressures erything from wallpaper to company is an extreme
“because you’re going to and unwarranted step”.
have less bills circulating.” napkins. WhatsApp said in its own
“This is a big project that statement that it had “co-
will take us to a monetary Venezuela’s economy operated as much as we
system more in line with the could given the architec-
Venezuelan situation,” Me- shrank 5.7 percent last year ture of our service.” It said
rentes said. the company was “unable
He said no date has while shortages of basic to provide information we
been set for the 500- and do not have”.
1,000-bolivar notes to enter goods multiplied, add- But Monica Horta, a po-
circulation nor had it been lice spokeswoman in Ser-
decided with what image ing to social tensions and gipe, said that the arrest
would be on the new bills. was made because nei-
The largest bill currently in ther Facebook nor What-
circulation — 100 bolivars sApp responded to the
request for information first
Caribbean presses Britain for slavery reparations issued four months ago.
Two months ago, Mon-
GEORGETOWN, Guyana com sent a formal letter of two years. launched a renewed push talvao started to fine the
(AP) — A senior Caribbean complaint to British Prime Slater said Tuesday that for reparations in 2013. They company 50,000 Brazil-
Community official says the Minister David Cameron legal action is a last resort argued that poverty and ian reais ($12,700) for ev-
organization is moving for- outlining its case for repa- and that the organization disease haunt former colo- ery day it ignored the or-
ward with its effort to seek rations. prefers a settlement. nies because of slavery. der, an amount that rose
reparations from Britain for The Caribbean Communi- The letter sent by Barba- Cameron rejected the call to 1 million Brazilian reais
slavery. ty intends to take the mat- dos Prime Minister Freun- for reparations during a visit ($250,000) daily over the
Assistant Secretary General ter to the world court if Brit- del Stuart has not been re- to Jamaica last year. past month.
Douglas Slater says Cari- ain does not respond within leased. Caribbean leaders
