The Financial Times and CADIVI arbitrage

January 29, 2008

And the Financial Times discovers Oligarco Burguesito and how stupid and inefficient this Government has been:

“Some with enough contacts are making a living through arbitrage. People
with credit cards who cannot afford to use their dollars from Cadivi
sell their quotas to those who can. According to Cadivi, from January
to November last year, Venezuelans spent more than $4bn (2.7bn, 2bn)
on credit cards abroad, compared with just over $1bn the year before.
By contrast, Cadivi approved only $2.2bn for food importers, even
though the nation is battling food shortages.”

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