Venezuela: ‘Crazed genius’ of Chávez’s dual-currency move

	Expropriation threat: employees of the Exito hypermarket in Caracas and supporters of Hugo Chávez express support for the president’s decision to take over the chain

Despite short-term gains for the government, the long-term outlook for the Venezuelan economy following a currency devaluation last month looks bleak. “The devaluation provides a short-term fiscal windfall but it does not solve the underlying economic model’s propensity to throw up distortions,” says Stuart Culverhouse, head of research at investment banking boutique Exotix.