Thursday, April 29, 2010

Venezuela's Economic Crisis Continues

Venezuelan President Hugo Chavez attends a military parade to commemorate the 200th anniversary of Venezuela's independence in Caracas. Photograph by: Jorge Silva, Reuters

Oil-Rich Venezuela Gripped By Economic Crisis -- Washington Post

SAN CRISTOBAL, VENEZUELA -- Every day for the past three months, government-programmed blackouts have meant the lights flicker and go dark in a city that once bustled with commerce. And Fifth Street, with its auto parts stores and car repair shops, has ground to a halt.

"We just stop," said Jesus Yanis, who paints cars. "We don't work."

Neither does the rest of Venezuela, where a punishing, months-old energy crisis and years of state interventions in the economy are taking a brutal toll on private business. The result is that the economy is flickering and going dark, too, challenging Venezuela's mercurial leader, Hugo Chávez, and his socialist experiment like never before.

Read more ....

More News On Venezuela

Chavez foes fielding unified lineup for election -- AP
Chavez revolution losing steam in Venezuelan slums -- Vancouver Sun/Reuters
Chavez denies elite Iranian forces in Venezuela -- Washington Post
Chavez takes to Twitter to fight critics online -- AP
Venezuela's Hugo Chavez Tweets for the first time, vows to beat opposition's Twitter presence -- New York Daily News
Venezuela's Chavez Orders Seizure Of Land Owned By Polar -- Wall Street Journal
Lula to urge Venezuela speeds up payments-paper -- Reuters

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