CARACAS, Venezuela — President Hugo Chavez said Saturday that Venezuela is not immune to the economic woes afflicting the U.S. and Europe despite efforts to distance itself from world powers and establish a socialist system.
Chavez warned that economic problems around the globe would probably hurt Venezuela as international oil prices fall, but he added that the South American nation has partially protected itself by diversifying its economy and forging trade ties with countries like China and Russia.
The self-proclaimed revolutionary said that Venezuela, as one of the world’s top petroleum producers, would likely be hurt by the problems that U.S. and European financial markets are experiencing.
“It could impact us. What’s the first impact on us? The fall in oil prices, which has already begun,” Chavez said during a televised address from the presidential palace.
“Venezuela has been preparing to divorce itself from the hegemonic world capitalist system, but we still are not divorced,” Chavez said.
The lowering of America’s credit rating provoked anxiety among already nervous investors, causing the U.S. stock market to plunge, and the effects rippled through Europe and Asia.
Chavez predicted U.S. economic problems will continue to go downhill. “This is going to get worse,” he said.
Earlier Saturday, legislators granted Chavez permission to return to Cuba for a second round of chemotherapy for his cancer. The 57-year-old leader announced Friday that he planned to go to Cuba this weekend after getting legislative approval.
