Venezuela takes over supermarket chain accused of hoarding

[Eugene]

Source: Reuters

Venezuela takes over supermarket chain accused of hoarding

BY DIEGO ORE AND ALEXANDRA ULMER
CARACAS Tue Feb 3, 2015 2:09pm EST

(Reuters) - Venezuela said on Tuesday it has temporarily taken over 35 stores belonging to the "Dia a Dia" supermarket chain on charges it squirreled away food to stoke public exasperation over widespread shortages.

President Nicolas Maduro has alleged that a greedy business elite is hoarding goods and engineering long queues by closing check-out counters in a bid to sabotage his socialist rule.

Opponents scoff at this as a ludicrous smokescreen, while economists have long recommended the government ease strict currency controls to increase imports and shore up flailing domestic production.

But Maduro has appeared to double down on the "economic war" theory on the back of deepening shortages of basic goods this year, and on Sunday said an unnamed supermarket chain would be taken over.

[font size=1]-snip-[/font]

Read more: http://www.reuters.com/article/2015/02/03/us-venezuela-shortages-idUSKBN0L71YW20150203

[COLGATE4]

1. Pretty soon they'll have to change the national

anthem to "Send in the Clowns".