There go the family jewels!
Venezuela, facing default fears amid an economic crisis and falling oil prices, will use diamonds as well as other precious stones and metals stored in its central-bank vaults to boost international reserves, the central bank said Thursday.
It will also incorporate easy-to-convert foreign currencies into its reserves, the bank said in a statement explaining changes to a law regulating its activities. Venezuela’s international reserves have dropped 28% in the last three years to $21.7 billion.
Meanwhile, the monthly minimum salary of 4,859 bolivares equals $31.54 (link in Spanish).
Maria Corina Machado is A living reminder of their failure. When dictatorships have nothing left to lose: Machado on the spike.
“Talk to me, Harry Winston!”