Venezuela: Textbook Example Of How A Government Can Destroy An Economy And Destabilize A Region

Venezuelans crowd together inside an electrical appliance store in Caracas on Saturday. Agence France-Presse/Getty Images

Devaluation Sparks Chaos In Caracas -- Wall Street Journal

CARACAS -- President Hugo Chávez's decision to devalue Venezuela's bolivar and impose a complicated new currency regime may paper over some growing cracks in the economy, but it is also setting the stage for bigger problems down the road for the country's oil-rich nation and its populist leader.

Over the weekend, there were signs that Mr. Chávez's slashing of the "strong bolivar" currency could create as many problems as it solves in Venezuela's economy, provoking a wave of anxiety that sent Venezuelans scurrying to spend cash they feared could soon be worthless.

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More News On Venezuela

Chavez's snap devaluation sparks panic in the aisles -- The Independent
Chávez threatens speculators after steep devaluation -- Financial Times
Chavez says military will monitor Venezuelan prices -- CNN
Chavez vows clampdown on post-devaluation speculators -- AFP
Venezuela's President Chavez warns price 'speculators' -- BBC
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More News On Venezuela

Chavez's snap devaluation sparks panic in the aisles -- The Independent
Chávez threatens speculators after steep devaluation -- Financial Times
Chavez says military will monitor Venezuelan prices -- CNN
Chavez vows clampdown on post-devaluation speculators -- AFP
Venezuela's President Chavez warns price 'speculators' -- BBC
Following devaluation, Venezuela's Chavez threatens to seize businesses that raise prices -- Canadian Press
Venezuela Civil Servants to Work 5-Hour Days Due to Energy Crisis -- Latin American Herald Tribune
FACTBOX-Venezuela's bolivar currency devaluation -- Reuters

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