Monday, December 3, 2007

Viva la Capitalism

Venezuelan bonds jump with the defeat of Chavez's proposed constitutional reforms. From

Venezuelan bonds gained the most in three months after voters rejected President Hugo Chavez's plan to implement a new constitution that would have eliminated presidential term limits and given him more power to seize private property.

Investors drove up bond prices as a bet that the referendum defeat will limit Chavez's ability to implement socialism in the South American country. The gains, which sent yields on benchmark dollar bonds due in 2027 to a two-week low, pare a tumble that has made Venezuelan debt the world's worst performer this year, according to data compiled by Bloomberg.

--I know this gives the opportunity for people in English departments to repeat their mantra, "not everything is about money," but economic growth is the best indicator of living standards. What happened yesterday will lead to better lives for millions of Venezuelans. Get the full version here.

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