President pushes currency, fuel reforms for ailing Venezuela

[Bacchus4.0]

http://finance.yahoo.com/news/president-pushes-currency-fuel-reforms-030453016.html

President Nicolas Maduro shook up complex currency controls on Wednesday and also prepared Venezuelans for a rise in the world's cheapest fuel prices in response to a recession worsened by plunging oil revenue.

The socialist-run OPEC member's economy shrank 2.8 percent in 2014 while inflation topped 64 percent, the socialist leader announced in a speech to parliament, in what is almost certainly the worst performance in Latin America.

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Carefully avoiding the word devaluation and without giving much detail, Maduro said he was modifying existing complex currency controls to combat the black market for dollars while sticking to a complex three-tier model.

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"It will not return to $100 ... We have less foreign currency ... But God will provide," he said, sounding a note of resignation after a nearly two-week tour of oil producers around the world to seek ways to boost the price of crude.

[COLGATE4]

1. You can almost hear the band playing

"Nearer my God to Thee" in the background as Maduro frantically rearranges the deck chairs.

[Flatulo]

2. God will provide?

Good grief.

[Marksman_91]

3. You could just FEEL a million communists facepalming when he said "God will provide" n/t