Venezuela can withstand the global financial crisis according to President Hugo Chavez
Venezuela can withstand the global financial crisis even if the oil price falls to 55 U.S. dollars a barrel, President Hugo Chavez said on Wednesday.
"Even if the oil price dropped to the level of 2007, which is 64.7 dollars, or the 2006 level of 55 dollars per barrel, Venezuela will still be safe and not be affected by this financial crisis," Chavez said.
Chavez also denounced a media campaign against the nation's budget for 2009 and the dependency on the oil incomes.
"The budget for 2009 ... will reach 177.474 billion bolivars (82.546 billion dollars), with an increase of more than 20 percent," Chavez said.
On Tuesday, Economy and Finance Minister Ali Rodriguez Araque presented to lawmakers the Venezuelan budget for 2009, which was formulated based on an average oil price of 60 dollars per barrel.
Venezuela's oil basket closed at 68 dollars a barrel last week, down from the historical record of 126.46 dollars set in July.
Author:
Jo Amey
