In a move that has stunned international business, Hugo Chavez orders expropriation of a supermarket chain that is partly foreign (French) owned. Venezuela has been recently hit with a currency devaluation, making price hikes almost a certainty. If not, then businesses would have to sell at a loss. Chavez stated that he is controlling inflation by forcing retailers not to raise prices despite the Bolivar's value loss of 17%. The Bolivar's value has been a roller coaster for years despite price controls. Chavez threatened to confiscate any business that raised prices in response, and he made good on his threat. I guess foreign investments is about to take in huge black eye in Venezuela. http://news.bbc.co.uk/2/hi/americas/8464741.stm
Funny .. I just read something similar about Argentina .. about how the current president Cristina is ordering to trade old bond for new bond at discounted price after they declared bankruptcy in 2001 or something and left all foreign investors with "nada" returns .. now .. trying to win back international support .. willing to give 30 cents worth of bond for the old dollar one .. lol .. everyone scrambled to take the offers ... anyway .. things like this always happen especially in developing countries where there's no such thing as monetary policies .. their way of controlling econ is like running alike mom and pop store .. lol what Hugo did might be appalling but it will NOT deter foreign investors and them from raising prices and getting their way eventually.
bloody hell that muppet doesnt even know how the spell the word ECONOMY I live in aruba now and that loco cabron is just next to my peaceful island hope we dont get invaded by them I miss London now :(
