Venezuela Plans to Cut Outstanding Debt

[bemildred]

CARACAS, Venezuela (AP) - Venezuela plans to reduce its outstanding debt load to 35 percent of gross domestic product by the end of the year, a government official said Friday.

The country's outstanding debt, the sum of domestic and foreign debt, was 40 percent of GDP at the end of last year.

Moves to reduce debt will continue through 2007 as the government seeks to cut outstanding debt to 30 percent of GDP, said Rudolf Romer, head of the public credit office.

"We hope to meet half of that goal, to reach 35 percent by the end of this year," Romer said. "We have an aggressive savings plan."

MSN Money

[David__77]

1. As long as it doesn't get done through "austerity."

Now would probably be the time to do it, since oil revenues are way up. But not too much stress such be placed on being low-debt. Ceausescu of Romania actually made his country debt-free by the time he was overthrown, but living standards suffered. That must be avoided.

[VegasWolf]

2. They have a plan to cut debt, we have a bush and a pat robertson.nt

[Ganja Ninja]

3. This makes Chavez a fiscal conservative.

Especially when you compare him to Bush and the GOP congress.

[willing dwarf]

4. Smart Move...

...but perhaps dangerous. From reading "Confessions of an Economic Hitman," it seems like keeping nations in debt is a US economic imperative. I recall that he described how both the president of Ecuador and Panama were killed in separate fiery plane crashes after not going along with the economic dictates of US interests. Chavez is walking a bold line, and may actually succeed in liberating his nation from servitude to the G-8. I wish him well in his efforts!

[bemildred]

5. I am sure the intent here is to weaken that economic lever.

He has made a habit of pissing off the Globalistas.

[underpants]

7. Welcome to DU willing dwarf

:hi:

funny name

[willing dwarf]

8. Hey Thanks!

It's good to be here...been reading here for months now but finally worked out the log-in. I'd set up another name a few years ago, but forgot what it was before posting anything.

Willing Dwarf...I have no idea how I came up with that name, except that I'm rather vertically challenged, and I suppose I'm willing to work for change...

Thanks for the welcome.

[wli]

6. doubtless the IMF will be appalled if it's not via austerity n/t