VIO News Blog

October 28, 2008

Venezuela Joins Latin American Nations to Urge Reform of International Financial System

Latin American leaders met in Brazil yesterday to discuss the economy, urging reform to the international financial system. Representatives were present from eleven countries and included Venezuela’s foreign minister, finance minister, and central bank president. The AP reports that Brazil’s foreign minister (pictured at right) said, “There’s a consensus that integration will help to mitigate the effects of the international crisis.”

According to Reuters, the value of Venezuela’s currency has reached a one-year low. The BBC looks at oil prices and considers the possibility of economic woes for Venezuela, and like many articles in recent days, trumps up the threat of a bust. The BBC also points out, thought, that “not all analysts paint a bleak picture.” The Houston Chronicle meanwhile reports that Latin America’s economic growth in 2009 will likely suffer due to downturn in the US, but that the region is better prepared to deal with crises today than it has been in the past.

Finally, the jury in the “suitcasegate” trial in Florida continues deliberating today, according to the Miami Herald. Allegations of corruption in the Chavez government have been at the heart of the trial, though they are unrelated to the charges faced by defendant Franklin Duran, who is accused by the U.S. government of acting as an unregistered foreign agent. Venezuelan officials and independent analysts alike see the trial as politically motivated


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