Venezuelan currency(-33%)/stock dives(UKonline)

[White_Male_Canada]

Il duce doing his best,which is ,outside the bizarro world, his worst:

Venezuelan currency dives as Chávez plots nationalisation(aka confiscation)

Nick Hasell and Elizabeth Judge

Stock market tumbles 19%
Phone and power firms to be seized


Venezuela’s stock market tumbled almost 19 per cent and its currency lost a third of its value in unofficial trading as investors took fright at President Chávez’s plans to nationalise utilities as part of his “Socialist revolution”.

The benchmark IBC index of the Caracas stock exchange plunged 11,574 to 50,439, dragged down by the shares of the power and telephone companies of which the Government intends to seize control.

American depositary receipts of CANTV, the telecoms carrier that is the only Venezuelan company traded on the New York Stock Exchange, fell by as much as 43 per cent. In Caracas, the company closed down 30.3 per cent and shares were suspended until Friday.

Although officially pegged at 2,150 to the US dollar, the Venezuelan bolivar fell from 3,000 to 4,000 on the black market...

http://business.timesonline.co.uk/ar...539704,00.html

[guyone]

The revolution's just 'round the corner!