Hugo Shows Who's Boss


Venezuelan President Hugo Chavez

He survived the strike. Now Venezuelan President Hugo Chávez is striking back. Openly working to choke off the supply of money and imports to businessmen who oppose him, last week Chávez imposed strict currency controls on the bolivar, setting the local currency at 1,600 to the dollar — 17% higher than its last trading rate. "Not one dollar to the coup-mongers," Chávez ordered the army captain who will administer the controls. While foreign companies will be allowed to send their profits home, the government will now set prices and limit who can conduct transactions in foreign currency — a powerful weapon...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!