Where will Mr. Chavez take his “savings”?

Venezuela Plans to Move Reserve Funds
By Jose de Cordoba and Ezequiel Minaya
The Wall Street Journal
Wednesday, August 17, 2011
http://online.wsj.com/article/SB10001424053111903392904576512961180…
CARACAS — Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China, and Brazil and tons of gold from European banks to its central bank vaults, according to documents reviewed Tuesday by The Wall Street Journal.
The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese, and Brazilian banks, one document said.
Venezuela also plans to move 211 tons of gold it keeps abroad and values at $11 billion to the vaults of the Venezuelan Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion, the document says.

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