Venezuelan opposition 2-month stoppage cost at least $7.6 billion

www.vheadline.com Posted: Friday, February 28, 2003 By: Robert Rudnicki

The two-month-long opposition national work stoppage has cost Venezuela around $7.6 billion according to Finance (Hacienda) Ministry estimates. According to the Ministry, the strike has forced businesses to close down, reduced wages, increased unemployment, lifted prices and caused shortages.

"The damages caused are severe and long term, they will permanently affect the whole population," Finance Minister Tobias Nobrega said.

The Minister estimates that the total loss of production caused by the strike amounts to $6.2 billion, while loss of fiscal income for the government adds another $1.4 billion.

Of the loss of production, $2.7 billion is from the petroleum sector and $3.5 billion from the non-petroleum sectors.