Hugo Chavez hopes to ride out drop in oil prices
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As expected of a leader whose domestic revolution and foreign largesse depend on the wealth generated by oil exports, Venezuelan President Hugo Chavez took note of the sharp fall in crude prices last week.
But the populist leader insisted that his country would not ‘founder,’ writes Chris Kraul.
‘We haven’t gone crazy with this oil price surge, nor have we gone on some drunken [spending] binge,’ Chavez told a ministers council. ‘We have saved and created strategic funds that we will use in a rational manner.’ Much as his opponents may hate to hear it, analysts agreed -- at least for the short term.
Read the rest of the post about Chavez and falling oil prices here.
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-- Deborah Bonello in Mexico City