Venezuela to Devalue Currency

Sources told Spanish newspaper ABC earlier today that Venezuelan President Hugo Chávez is in an induced coma and being kept alive on life support in a Cuban hospital following emergency cancer surgery on December 10.

The passing of Hugo Chávez removes one of the prickliest thorns in US relations within its own hemisphere and could portend brighter days for US-Venezuela relations – eventually.

If Hugo Chávez, who passed away today at 58, had one central skill, it was getting people to develop strong opinions about him. Chances are that you have one yourself. Passionate and charismatic, Chávez slipped comfortably into the role of romantic Latin American revolutionary, championing the poor against an unfeeling local oligarchy and its imperial paymasters.

Venezuela just undertook a massive currency devaluation, re-pegging the bolivar to a rate of 6.3 per U.S. dollar from a previous exchange rate of 4.3 bolivars per dollar. The government also announced that it would shutter the a Venezuelan currency exchange system known as SITME.

CARACAS, Venezuela -- Minerva Nuñez watches Venezuela's state television hours each day, waiting for the latest news about cancer-stricken President Hugo Chávez. The updates are often delivered by Vice President Nicolás Maduro, a former bus driver who Chávez anointed as his successor before leaving for Cuba and his fourth operation for cancer in the last 18 months.