A post from January 2007:
The incredible Hugo Chavez is off to a loud start in '07.
At the same time, the international investors don't like it. See Venezuelan Plan Shakes Investors:
"Investors reacted with alarm here and in markets in the United States and throughout Latin America on Tuesday as they measured the impact of the plan by Mr. Chávez to nationalize crucial areas of the economy.
Memories of past nationalizations during another turbulent era, in places like Cuba and Chile, helped drive down the Caracas stock exchange’s main index by almost 19 percent.
Markets across Latin America declined Tuesday, but the drop was modest in most other countries, with the Bovespa index in Brazil and the Bolsa index of Mexico each falling 1.9 percent. The measured reaction appears to reflect the belief of investors that Mr. Chávez, in spite of his words, has limited influence on the economic policies of other governments in the region.
“It has not turned into a widespread contagion,” said David Riedel, president of the Riedel Research Group, who follows emerging market stocks.
Compared with the 1990s, “you have a more sophisticated base of investors that understand that Mexico is different from Venezuela.”
The lesson is simple. Hugo is a Latin American problem. His crazy ways hurt Latin America because they scare investors.
It's time for the elected leaders of Latin America to stand up and tell Hugo Chavez to behave.
Click for the podcasts:
It's time for the elected leaders of Latin America to stand up and tell Hugo Chavez to behave.
Click for the podcasts: