Word: leoni
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...Leoni is counting on $180 million from foreign credits, $88 million more from a government bond issue going mostly to private Venezuelan banks, and the rest from annual budget surpluses...
...happy position of not needing massive infusions of U.S. dollars; in the judgment of economists, it is already past the takeoff point and able to generate its own momentum for progress. The proof? While President Johnson was speaking in Washington last week, Venezuela's President Raul Leoni went be fore his Congress in Caracas to announce a four-year, $850 million public spending project...
...program, supplementing Venezuela's annual $1.3 billion budget, is Leoni's way of "consolidating and widening" the economic boom that began in 1962 under Rómulo Betancourt. Leoni will use the money to develop the country's interior, stimulate more private enterprise and relieve unemployment (still running 13.7%) by creating 20,000 new jobs. Some 90% of the funds will go toward increasing Venezuela's productive capacity and developing its "basic social capital," meaning everything from electric power to new schools. The other 10% will go for public health and for shoring up debt-plagued...
...unlike Betancourt, Leoni and other A.D. leaders were in no hurry to bring Caldera into a new coalition. Jealous of COPEI's rapid growth, A.D. leaders offered Caldera's party only a few governorships and some minor Cabinet posts...
...Last Try. The gesture was of no avail. Last week President-elect Leoni, a dour, unimaginative party politician, rejected Caldera's final offer for coalition. With that, Caldera announced that COPEI would now go into opposition, would pursue an independent course of "autonomy of action." Leoni scrambled among the other parties, tried to scrape up a tenuous four-party coalition that would give A.D. a majority in Congress. But few Venezuelans were willing to bet that any new coalition would last much beyond inauguration...