Finance flip flop follows

As if furious backpedaling on the FARC and the "Gestapo Law" wasn't enough, president Hugo Chávez has also just revoked a few of his most despised financial measures of the many that are strangling Venezuela's economy.

As of last night, restrictions on the conversion of currency have been lifted. That means that companies can access dollars to import much needed capital goods, although the limit has been set at $ 50,000.

Taxes on financial transactions would also be lifted, Chávez announced, claiming the country was making more than enough from oil. He also promised no more new taxes till the end of the year.

If you're thinking all of this sounds like the wriggling of a president afraid of losing another election, the you're probably right. Venezuela votes in crucial regional elections on November 23, which should explains some of back flipping at least.

In fact, Chávez is so cynical that the conversion restrictions have only been lifted temporarily until December 31 of this year. If companies are seen to be seeking to buy more than their fair share of dollars the decree will be revoked, the president promised.