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Andean Group - November 2011 (ISSN 1741-4466)
VENEZUELA: Busy bees
While the opposition has been distracted with efforts to finalise candidates for its internal primaries, the government led by President Hugo Chávez has announced a string of measures aimed squarely at the 2012 electorate. Most of the announcements have centred on President Chávez’s priority social housing, food and infrastructure schemes. The government has very deep pockets thanks to record oil prices (and record debt issuance this year), which has allowed the avowedly Marxist Finance Minister Jorge Giordani to draw up a bumper BF297.8bn (US$69.3bn) budget for 2012, up 46% in annual terms. In theory, Chávez ought to be able to buy his way to re-election on 7 October next.
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