Venezuela’s finance minister comes out of FONDEN closet

For some time Hugo Chavez, his officials and assorted apologists have maintained that FONDEN, meant to be a rainy day/development fund of sorts, had $57 billion. Today the truth has been revealed: Ali Rodriguez, Minister of Finance, has said that the fund had “accumulated” $57.8 billion worth since 2005, of which $44.5 billion have been ‘invested.”

Does that mean that FONDEN’s balance sheet shows only $13 billion in cash now? What investments are those? Who valued those investments at $44.5 billion, Dick Fuld? Is that the reason, shrinking of cash account, why Venezuela has accepted $3.5 billion from the IMF?

Spin that shit Weisbrot!


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