Article

2010-05-18 Caribbean-Latin America

Venezuela Temporarily Halts Trading in its own Bonds

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Posted by Anguper Hupomosing9418 2010-05-18 16:20|| || Front Page|| [5 views ] Top

#1 There was a report that Chavez was raiding currency exchange outlets and confiscating their forex.

Currency collapse is imminent.

Venezuelan authorities formally suspended trading in the unofficial "parallel" foreign exchange market yesterday. The move sparked fears that imports could grind to a halt, fuelling already high inflation and widespread shortages.

In a bid to stem the sharp depreciation in the bolivar this year, officials announced plans to introduce a new trading band for the hitherto unregulated value of the currency. Brokerages will be banned from trading altogether, with investigations into "irregularities" and "speculation" to continue after several raids of traders' offices and one man's arrest in recent days.

Jorge Giordani, finance minister, said the measures were to prevent a "financial avalanche" and to "clean up" the currency market, which would be put under the "absolute and total" control of the central bank when the market reopened.

Posted by phil_b 2010-05-18 21:22|| 2010-05-18 21:22|| Front Page Top

#2 consequences for decisions? How un-Bolivarian!

Posted by Frank G 2010-05-18 23:03|| 2010-05-18 23:03|| Front Page Top

#3 Geez, Hugo, looks like your socialist utopia is all turning to shit.

Posted by tu3031 2010-05-18 23:07|| 2010-05-18 23:07|| Front Page Top

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