Venezuela Averts Deficit With Debt Sales Equal to 32% of 2010 Spending

[ChangoLoa]

Venezuela sold bolivar-denominated bonds and tapped dividends from state-run companies to avert a budget deficit and cover 32 percent of its spending in the first half of the year, according to a report published by the central bank.

The government reported extraordinary income, which includes local debt sales, of 32 billion bolivars ($7.5 billion). The amount represented 32 percent of the total income of 102 billion bolivars during the first six months of the year, according to the report.

Venezuela spent 99 billion bolivars from January through June and reported income of 70 billion bolivars from tax collection, oil exports and other sources, the central bank said.

The debt sales helped the government avert a deficit and report a budget surplus at the end of June of 3.6 billion bolivars.

State oil company Petroleos de Venezuela SA paid a 614 million bolivar dividend to the government in June, according to the report.


http://www.bloomberg.com/news/2010-09-15/venezuela-averts-deficit-with-debt-sales-equal-to-32-of-2010-spending.html


Comment: I think the US must be around 35%-40%... they print the dollars though. Does someone have information about that rate?