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Venezuela lawmakers trade insults in gold debate
August 19, 2011 / 1:36 PM / 6 years ago

Venezuela lawmakers trade insults in gold debate

* Opposition says government wants reserves for election

* Chavez says rivals are displaying their ignorance

By Daniel Wallis

CARACAS, Aug 19 (Reuters) - Opposition lawmakers in Venezuela accused the government of repatriating the country’s gold reserves from Western banks in a ploy to fill its coffers ahead of President Hugo Chavez’s re-election bid next year.

In a sign of mounting tensions ahead of the 2012 ballot, when Chavez will seek a new six-year term despite recovering from cancer, both sides denounced the others as traitors late on Thursday in one of the fiercest parliament debates for months.

“They are greedy for money for the campaign and want to bring the gold to Venezuela to turn it into cash ... please, this is heresy,” said opposition legislator Leomagno Flores.

“You will liquidate the gold and sell it because the only thing you know is how to rob, to rob and to rob!” said another, Miguel Angel Rodriguez, during an especially ill-tempered exchange with Finance Minister Jorge Giordani.

Giordani, in turn, accused the opposition of failing to comprehend the government’s plans and of stoking public fears.

“Apparently their intelligence level is lower than the floor ... they are never going to govern the country!” he shouted at one point above a din of opposition jeers.

Diosdado Cabello, a ruling Socialist Party stalwart and leading Chavez ally, said he had a simple explanation for why the opposition was against bringing home Venezuela’s gold.

“I am convinced they are traitors,” he said. “Sovereignty is an out-of-fashion concept. For you it’s globalization!”

Chavez said on Wednesday his government will repatriate almost all of its $11 billion in gold reserves held abroad, saying they will be safer in Venezuela than in countries with mounting debt worries such as in Europe and the United States.

It is also moving up to $6.3 billion in liquid reserves from Western banks to more politically aligned countries such as China, Russia and Brazil. [ID:nN1E77H1CY]

Watching the debate on television, Chavez could not resist commentating via his @chavezcandanga Twitter account.

“It’s good that the ignorance of the opposition has been demonstrated. They should go and study a bit!” the socialist leader said. “The arguments of the Patriots are crushing! Once again the opposition is left in ridicule.”

He has mentioned the possibility of unfriendly states seizing Venezuela’s international reserves and has given the example of Libya, where Western powers froze funds belonging to his friend and ally Muammar Gaddafi.

Some analysts say Venezuela’s government may also be concerned about claims on its reserves relating to compensation for a string of nationalizations in recent years. (Editing by Eric Beech)

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