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Add $455 million to the tab

ICSID has ruled: Venezuela owes a further $455 million for the expropriation of Owens-Illinois’s bottling plants in Los Guayos, near Valencia and in Valera, in Trujillo state. That may sound like a lot, but you have to set it off against the new, nationalized Venvidrio’s stunning profits. At last year’s rate, Venezuelan presidents will be taking symbolic…

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Behind the Scenes in a Hummer

Ten days or so ago, devoted reader/Excel nerd El Cachaco had some extra time on his hands and decided to spend it figuring out exactly how much official price gasoline you can buy in Venezuela with a single $100 bill. The answer is: an insane amount. When he first did the calculation, a $100 would…

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Worth Less

A year ago, the 100 bolivar banknote you see here on your left – Venezuela’s highest denominated, mind you – would buy you 92.6 U.S. cents on the parallel market. By last Wednesday, that note was worth less. By then, it could buy you just 49 and a half U.S. cents: 46.5% fewer cents, over the…

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Diplomatic Inanity

Canada is in da house! Today we have a Guest Post from Sancho Panza, who went to see Venezuela’s Ambassador designate to Ottawa give a bit of a speech and lived to tell the tale… On Thursday, February 26th in a balmy Toronto, in a beautiful room of one the University of Toronto’s most beautiful…

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A Spark in San Cristobal

The prairie is dry. Bone dry. Parched. And boy is it getting hot. You wouldn’t normally worry about a spark. But when the prairie is this dry. Well. Oh, and it’ll be February 27th in 3 days.