Venezuelan president called a ‘Grinch’ after government toy seizure
Caracas, Venezuela (CNN)Venezuelan officials have confiscated nearly 5 million toys from a toy distributor, accusing the company of planning to sell them at inflated prices during the Christmas season.
Critics say the consumer protection agency, which targeted the toy warehouse this week, has become “the Grinch that stole Christmas” because many families won’t be able to buy the confiscated toys for the holiday.
Agency head William Contreras disputed that, saying executives at toy distributor Kreisel-Venezuela, the largest of its kind in the country, “don’t care about our children’s right to have a merry Christmas.”
Deep economic crisis
Venezuelan Chamber of Commerce President Francisco Fernndez told CNN the government is “acting in an irresponsible way,” discouraging job creation and endangering private property.
“This was plundering of inventory. The government didn’t even respect the company’s right of due process,” Fernndez said.
Venezuela is experiencing a deep economic crisis that has seen inflation skyrocketing to a whopping 500% this year, according to the International Monetary Fund. The IMF says it may reach 1,660% in 2017.
In November alone, the bolivar, the Venezuelan currency, lost more than half of its value. Shortages of foods staples like rice, flour and chicken are common place and hospitals are critically short on medicines and medical supplies.
The central bank plans to introduce new bills this month worth as much as 20,000 bolivars — 200 times the largest note currently in circulation — after the hyperinflation turned its currency into worthless pieces of paper.
The largest current note is the 100 bolivar, which is officially worth 15 U.S. cents, or just 2 cents based on widely-used unofficial exchange rates.
Read more: http://www.cnn.com/2016/12/10/americas/venezuelan-government-toy-seizure-grinch/index.html