Jorge Giordani News
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Venezuelan President Nicolas Maduro named his cabinet yesterday after this month’s election victory, appointing Nelson Merentes finance minister of the South American country.
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Venezuela will start auctioning dollars to importers, especially of medicine, food and industrial equipment, to arrest the bolivar’s decline in the black market and ease inflation.
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Venezuela’s Finance Ministry sold $200 million on a new secondary exchange system without disclosing the exchange rate for winning bids.
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Cyprus’s parliament rejected an unprecedented levy on bank deposits, dealing a blow to European plans to force savers to shoulder part of the country’s bailout in a standoff that risks renewed tumult in the euro area.
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Venezuela’s government will sell $200 million in its first dollar auction on a secondary foreign exchange system created this month to halt the bolivar’s decline on the black market.
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Venezuela devalued its currency for the fifth time in nine years, a move that may undermine support for ailing President Hugo Chavez and his allies ahead of possible elections later this year.
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The Venezuelan government may present conditions for a bond auction before the National Assembly today even as Finance Minister Jorge Giordani said the interest rates investors demand for Venezuelan securities are too high.
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Venezuelan government bonds rallied, with benchmark yields falling to a five-year low, after the government devalued the bolivar, helping cut the budget deficit by generating more local currency from its oil exports.
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Venezuelans lined up to purchase airline tickets and TVs this weekend in a bid to protect themselves from price increases after ailing President Hugo Chavez devalued the bolivar for a fifth time in nine years.
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Venezuelan Finance Minister Jorge Giordani rejected the IMF’s conclusions that the government’s poor fiscal policy is causing a five-quarter recession to continue into the second half of 2010.
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