Girish Gupta

HOME

PHOTOS

VENEZUELA ECON

ONLINE

Twitter
Instagram
Facebook
LinkedIn
AngelList
Keybase
GitHub
IFTTT

BY COUNTRY

Afghanistan
Brazil
Colombia
Cuba
Ecuador
Egypt
Guyana
Iraq
Jordan
Lebanon
Mexico
United Kingdom
Venezuela

BY MEDIUM

Text
Photo
Radio
TV/Video

BY PUBLISHER

Al Jazeera
BBC
BuzzFeed
CBC
Christian Science Monitor
CNN
Daily Mail
Data Driven Journalism (EJC)
Datum
Ecologist
Economist Intelligence Unit
Emerging Markets
Financial Times
Foreign Policy
France 24
Fusion
GlobalPost
Guardian
Independent
La Prensa (Panama)
LatinFinance
Mancunion
Monocle
National (Abu Dhabi)
New Internationalist
New Statesman
New York Times
New Yorker
NPR
PBS
PRI
Radio France Internationale
Reuters
RTE
Sky News
Sun
Sunday Times
Telegraph
TIME
Times of London
USA Today
Vice
WLRN

ABOUT

About
CV
Contact (PGP Key)


Venezuela economy ideologue Giordani pushed from planning ministry
Jun. 18, 2014 — Caracas, Venezuela

Published by Reuters

Girish Gupta and Patricia Velez

Venezuelan President Nicolas Maduro on Tuesday removed Jorge Giordani, the main architect of the country's complex price and currency control systems, from his post as planning minister in what may be a sign of pragmatism from the socialist government.

Giordani helped create a state-led economic system while serving in the finance and planning ministries during much of late socialist leader Hugo Chavez's 14-year self-styled revolution.

The Marxist economist was one of Chavez's closest advisers, but has been increasingly out of step with Maduro's efforts to relax currency controls amid slowing growth and soaring inflation that has topped 60 percent.

"(He) is a man who delivered with absolute honesty in all of the tasks entrusted to him by the Revolution," said Maduro during a weekly television show.

University Education Minister Ricardo Menendez will take over the ministry, though much of the economic decision-making is now in the hands of Economy Vice President Rafael Ramirez.

Giordani lived an austere lifestyle, in contrast to the ostentatious wealth of some government officials. This earned him the nickname "The Monk."

He was often dismissed by opposition critics as a Soviet-era dinosaur lost in utopian visions of planned economics. They singled him out for worsening nagging product shortages by tightening exchange controls in 2010.

Maduro's government is now pursuing the opposite strategy, seeking to unify a three-tiered exchange control system that is plagued by corruption and unable to provide businesses with U.S. dollars needed to import machine parts and raw materials.

Last week Giordani lost his position on the board of the country's central bank in what many on Wall Street celebrated as a sign of the growing influence of pragmatic thinkers.

Other have noted that the septuagenarian Giordani is growing old and is rumored not to get along well with Maduro.

"More than a rotation of seats among the senior policy-makers we need altogether a completely different policy approach," said Alberto Ramos, a senior Latin America analyst at Goldman Sachs.

Shortages and high inflation fueled anti-government protests earlier this year that left 42 dead. Authorities blamed the economic problems on an "economic war" waged against it by the opposition.

(Additional reporting by Brian Ellsworth)

Filed from
Caracas, Venezuela






More...

Advisers urge deep discount in Venezuelan cryptocurrency offering
Jan. 16, 2018


Inflationary math
Dec. 12, 2017


Venezuela money supply up 14 percent in one week, fastest rise on record
Dec. 1, 2017


How a defrocked judge became the chief enforcer for Maduro's Venezuela
Nov. 15, 2017


De cómo un juez destituido se convirtió en el principal artífice judicial del presidente de Venezuela
Nov. 15, 2017


The 'Venezuela Econ' app: Harnessing data to understand a spectacular economic meltdown
Nov. 6, 2017


Venezuela's monthly inflation rises to 34 percent: National Assembly
Sept. 7, 2017


Ousted Venezuelan prosecutor says she fears for her life, will keep fighting
Aug. 10, 2017


Venezuela quells attack on military base, two killed
Aug. 6, 2017


Exclusive: Venezuelan vote data casts doubt on turnout at Sunday poll
Aug. 2, 2017


All eyes on Venezuela military after protests, vote
Aug. 1, 2017


U.S. 'sweetheart' of Venezuela sees worrying signs of authoritarianism
Jul. 29, 2017


Venezuela money supply surges 10 percent in one week, fastest in 25 years
Jul. 29, 2017


Exclusive: At least 123 Venezuelan soldiers detained since protests - documents
Jul. 6, 2017


Venezuela hikes minimum wage 50 percent, effectively down 17 percent
Jul. 2, 2017








© Girish Gupta