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Chavez repatriates Venezuela's foreign gold reserves
Venezuela has received its first shipment of gold bars, after President Hugo Chavez ordered the repatriation of 85% of the country's bullion reserves.The gold was unloaded from a plane and taken under heavy guard to the Central Bank in the capital, Caracas. President Chavez has explained the move as an act of sovereignty that will protect Venezuela's reserves from global economic turbulence. However critics say it is expensive and unnecessary. Venezuela plans to bring home around 160 tonnes of gold, worth more than $11bn (£7bn). "The gold is returning to where it was always meant to be: the vaults of the Central Bank of Venezuela," Mr Chavez said. Hundreds of troops lined the route to Caracas as a convoy of armoured security trucks escorted by military vehicles carried the bullion to the bank. Posted by: tipper 2011-11-26 |
| http://www.rantburg.com/poparticle.php?ID=334104 |