RealNews

Chavez hopes to ride out oil price decline

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.” “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.” Full Story

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