Devaluation On Its Way

On November 26 Venezuelan President Hugo Chávez and Russian counterpart Dmitry Medvedev signed a number of new accords on technology, energy, transport and economic and social cooperation. The accords followed the first ever visit of a Russian president to the Bolivarian Republic of Venezuela. Following Medvedev's visit, Russian and Venezuelan naval forces conducted joint manoeuvres in the Caribbean Sea, which marked the first time since the Cold War that Russian warships have been present in the region the US considers its backyard. We note, though, that Medvedev's declaration that the closer relationship is not directed against any other country should

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