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Chavez's snap devaluation sparks panic in the aisles - Americas, World - The Independent

The Venezuelan president Hugo Chavez promised to send soldiers into shops to seize businesses from owners who raise prices in the wake of the country's steep currency devaluation.

People had crowded into shops over the weekend to snap up imported televisions and electrical appliances, fearing that the devaluation of the bolivar was about to send inflation soaring.

"Right now, there is absolutely no reason for anybody to be raising prices of absolutely anything," Mr Chavez said on his weekly TV show. "I want the National Guard on the streets with the people to fight against speculation. Publicly denounce the speculator and we will intervene in any business of any size." To audience applause, the president added that the government would take over shops and give them to their workers if price rises were discovered.