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Minister Giordani: Regulations have protected Venezuela from the global financial debacle

According to Jorge Giordani, Minister of People’s Power for Planning and Development, the government’s regulatory policies to sustain and develop the Venezuelan economy’s economic growth over the past 10 years have protected the country from the debacle of the global financial crisis.

In an interview with ABN (Agencia Bolivariana de Noticias), Giordani indicated that thanks to the policies implemented over the past decade, Venezuela is in a better position to face the crisis because its effects in the country are lesser than they are in the majority of other countries.

He explained that there is a “severe disturbance that originated in the United States that is affecting the entire world and will also affect Venezuela; it came about because of deregulation of the American financial system.”

The Minister noted that deregulation of the U.S. financial system, which serves as the tide for the capitalist system, led to the global financial crisis.

“In the United States, they began to deregulate the operations of the financial system, and look what it has led to.  That is how the American financial system came unstuck from production until becoming a bubble that was disproportionate to the real economy, the economy of money; then that element, that bubble, burst in the faces of Wall Street,” he said.

In this context, the Minister affirmed that thanks to government policies, the national economy has not been altered by U.S. deregulations.  Giordani noted that from the start of the administration of President Chávez, American economists proposed that Venezuela follow International Monetary Fund (IMF) policies and let its international reserves be managed by U.S. financial institutions.

“Those were the experts that told us we had to follow IMF policies, and they were deregulating; look where they ended up 10 years later with this crisis,” he explained.

Minister Giordani emphasized the importance of the counter-crisis economic measures taken by the government to soften the impacts of the crisis “because this is a systematic, global, slithering crisis that also affects Europe, Asia and even China.”

“Now then, in the United States they talk about a lack of regulation in the financial system, and it can all be blamed on that speculative and also rent-collecting mentality, that is fed by deregulation and rents, that are two explosive elements and have now caused this global financial crisis,” he said.

For this reason, he insisted on the need for the counter-crisis economic measures to be followed to the letter, both by the government and the private sector, as well as by the people, because these are times for austerity.

Minister Giordani highlighted that the measures are necessary and will not affect the stability of the national economy since they are aimed at preserving it and at protecting the country from the effects of the global economic crisis.

Agencia Bolivariana de Noticias, Embassy of the Bolivarian Republic of Venezuela Press Office / April 1, 2009

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