The Banco Industrial de Venezuela, the biggest state-owned venezuelan bank has gone bankrupt countless times since 1938. This might be its last. And for good.

Alberto Müller Rojas, the vicepresident of the the Socialist United Party of Venezuela, flip-flops about the possibility of eliminating term limits for the president Hugo Chávez. One year ago he stated that was not possible, now he takes part in the campaign to amend the constitution to allow Chávez to run for president as many times as he wants.

The Venezuelan government delays the necessary economic reforms, in spite of a global financial crisis. It might be too late when they finally act and then they will probably impose the wrong measures.

The Venezuelan government has indicated it plans to fund 85% of the 1 billion US$ in capital for the new ALBA bank. For everyday venezuelans this a no-win proposition from the economics point of view. Political considerations are more important to the Chávez administration.

The venezuelan central bank reported inflation in November went up 2.3%. This year alone the NCPI has increased by more than 27% and by the end of the year it will likely be over 30%.