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Venezuela's central bank, under orders from Hugo Chavez to “burn the hands” of speculators betting against the bolivar, sold $179 million in USD on January 13...the first time since 2003. “You have a problem that can’t be resolved by throwing reserves at it,” said Alberto Ramos of Goldman Sachs. Venezuelans “pay a huge premium to get their assets out of the country, out of the reach of the government, so that they can’t confiscate them,” he said. “Under that situation, $20 billion, $50 billion or $100 billion is not enough. The entire capital stock of the economy could leave.”
