TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

More forced price cuts possible for stores in Venezuela

Email Newsletters

Click here to sign up for one of our email newsletters.

Daily Photo Galleries

By USA Today
Monday, Nov. 11, 2013, 7:00 p.m.
 

CARACAS — Venezuela's President Nicolás Maduro intensified his perceived fight on Monday against “bourgeois parasites” he accuses of an economic war against the socialist country by threatening to force more stores to sell their merchandise at cut-rate prices.

National guardsmen, some of whom had assault rifles, were positioned around outlets of an electronics chain that Maduro has ordered to lower prices or face prosecution. Thousands of people lined up at the Daka stores hoping for a bargain after the government forced the companies to charge “fair” prices.

“I want a Sony plasma television for the house,” said Amanda Lisboa, 34, a business administrator who waited seven hours outside a Caracas Daka store, similar to Best Buy. “It's going to be so cheap!”

Five managers of Daka are being threatened with prosecution for unjustifiable price increases, the Venezuela government said.

“This is for the good of the nation,” Maduro said, referring to the military's occupation of Daka. “Leave nothing on the shelves, nothing in the warehouses ... Let nothing remain in stock!”

Maduro is expected to win decree powers in Congress in the next few days that he says will be used to take over more warehouses.

The assault against business arrives amid a severe shortage of basic goods and extreme inflation, which is at an annual rate of 54.3 percent. Both are tied to policies of the government, which is boosting public spending and printing money in record amounts to pay for it.

Venezuela's central bank said the country's money supply grew 70 percent in the past year. As a result, the value of the Venezuela bolivar continues to drop at a time when the country must import increasing amounts of basics like food and even toilet paper because of failed state schemes for running the economy.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read World

  1. Nepal quake death toll tops 4,000 as villages plead for aid
  2. Poland blocks pro-Putin Russian bikers at border
  3. Employees of Mercer County-based manufacturer among missing in Nepal
  4. Help slow to reach Nepal villages damaged by earthquake
  5. Japan steps up defense activities amid worries about China, North Korea
  6. Ex-Gitmo detainees protest in Uruguay
  7. UNHCR: Weekend shipwreck deadliest ever in Mediterranean
  8. Senior officials are toppled in China’s anti-graft campaign
  9. Man who landed drone on Japanese PM’s office surrenders
  10. Mexicans pin hopes on anti-corruption measures approved by Congress
  11. Aftershocks terrify survivors of quake in Nepal that killed 2,500