To: David W. Tucker who wrote (250 ) 11/30/1997 1:49:00 AM From: C. Riley Read Replies (1) | Respond to of 441
Wall Street ranks Venezuela and Mexico as the top two countries in Latin America for economic strength. This is according to a roundtable discussion on this very subject that I watched on TV today. That puts it ahead of Brazil, Peru, and all the rest. I think the banking "crisis" you referred to is the one which was resolved in the beginning of 1996, not an ongoing problem. To quote from the same news source as the URL in your post (referring the the problems from early 1996): "This wasn't the world's worst crisis," he says, referring to similar problems in Chile, Argentina,and Colombia. In Venezuela's case "the problem was solved quickly." This was nearly two years ago. More recent news which the URL doesn't mention, the Venezuelan congress has just this week passed the 30 something billion dollar annual budget for next year. Strange though it may seem to us in the States, inflation and devaluation are just a way of life in Latin America. The economies however run with the such changes in mind. I myself have Latin American bank accounts which are denominated in U.S. dollars rather than the local currencies for this very reason, and so do the citizens of these countries. Not to dismiss the URL in the post, but it's not exactly an example of journalistic excellence. Such sources outside of the U.S. are often biased political ramblings closer to the National Enquirer than to the New York Times or the Wall Street Journal. And GaBard is absolutely right in pointing out that the lottery which Noram is providing is an essential part of their economic plan. Any problems with their economy would seemingly make the lottery all the more valuable and important to their economic success. All in all, Noram has grasped a privileged position in our neighbor to the south.