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Latin America Business: Worst of 2010

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The worst events of 2010 for Latin American business.


BY LBC STAFF

 

Latin Business Chronicle singles out the worst events of the year for business in Latin America.

More Mess in
Venezuela

Just when you thought things couldn’t get worse in Venezuela, they did.  In January, President Hugo Chavez devalued the Bolivar by half for most goods (from 2.15 Bolivares per dollar to 4.30 per dollar). Essential imports like food, health and machinery would get the old rate of 2.15. The move caused billions of dollars in losses for multinational companies operating in Venezuela and came on top of restrictions getting dollars to buy imports. In May, Chavez set further limits on foreign exchange access, reducing the amount available. “The implications of this law have severely hindered typical business activities,” Raul Garcia, manager in the audit financial services department at Kaufman, Rossin & Co, wrote in Latin Business Chronicle. Meanwhile, Chavez continued his wave of expropriations. In October, Chavez ...




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