Venezuela Forcibly Converts Pensions into Petro

Re:Venezuela Forcibly Converts Pensions into Petro by buboard on Monday December 17, 2018 @05:09AM (#18697994)

Is petro in exchanges outside VZ? This just seems like a move to put the blame for the inevitable crash of this fiat cryptocurrency to "the bad bitcoin market".

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Re:Venezuela Forcibly Converts Pensions into Petro by jetrink on Monday December 17, 2018 @05:25AM (#18698065)

It was Maduro who launched the currency and if it fails, it will be his failure. More likely, they are trying to recreate the URV[1] that Brazil used to get inflation under control.

1. https://www.npr.org/sections/money/2010/10/04/130329523/how-...

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Re:Venezuela Forcibly Converts Pensions into Petro by cesarb on Monday December 17, 2018 @06:02AM (#18698200)

But the URV was only part of the Real plan, though it was the most visible part. There were other equally important measures, Wikipedia has a summary (https://pt.wikipedia.org/wiki/Plano_Real#Principais_medidas):

  - Limiting price adjustments to once a year;
  - Privatizations;
  - Reducing government spending and increasing taxes;
  - Reducing import taxes and making imports easier;
  - Interventions in the exchange rate;
  - Increasing the central bank interest rate.

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