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Article: Venezuela's currency plunges to new low; Chavez's control in Congress weakens with movement for early elections
- Article from:
- AP Worldstream
- Article date:
- January 15, 2003
- Author:
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Dateline: CARACAS, Venezuela
A seven-week-old opposition strike against President Hugo Chavez sent
Venezuela's currency to a new low Wednesday as three pro-Chavez lawmakers
defied their president by unveiling a plan for an early vote on Chavez'
s rule.
The strike has slashed oil exports to a trickle, depriving the government
of half its income. Venezuela's bolivar currency closed at 1,716 to
the U.S. dollar, down 6 percent from Tuesday. Citizens lined up at
banks and exchange houses to buy dollars.
Trying to calm fears of an economic crash, the government denied speculation
that it plans to devalue the bolivar so it can balance its $25 billion
budget. Most government ...