Venezuelans fret over prices after devaluation

[Synicus Maximus]

Source: Reuters

CARACAS, Dec 31 (Reuters) - Venezuelans worried on Friday that a second devaluation of their currency in 12 months would make life even harder as the socialist government of President Hugo Chavez struggled to turn the economy around.

Already suffering one of the world's highest inflation rates and the only major Latin American economy still in recession after the global financial crisis, they fear the New Year devaluation could hit their livelihoods more.

"It is a blow against the pockets of the workers, against the poorest people," said Robinson Calua, a 50-year-old security guard in downtown Caracas.

Officials say the devaluation announced on Thursday will increase spending and boost growth in South America's biggest oil producer, while easing the pressure on foreign reserves and freeing up dollars for imports.

Read more: http://www.reuters.com/article/idUSN3012342820101231

[ProgressiveProfessor]

1. They must have faith and trust in St Hugo

[dionysus]

2. uh oh. shitstorm is a-headed your way!

:popcorn: