Promising the government's seriousness to counter the impact of the global economic crisis, Venezuelan President Hugo Chavez has announced his "anti-crisis" measures, which include trimming his budget to counterbalance the fall in oil revenues, and increasing planned government financing by three times.

The President's Saturday announcement - close on the heels of the government move to send army to take over the country's chief air and sea ports - provides for a 6.7 percent cut in the 2009 budget, and increase in sales taxes from 9 to 12 percent. The socialist Chavez, a former army officer who condemns capitalism, intends offsetting the plunging oil revenues that comprise nearly one-half of the national budget.

Cutting this year's budget to $72 billion, Chavez said the announced measures imply "the socialist spirit to protect social programs, the people and the workers." The President has raised the minimum wage by 20 percent, and increased the planned government financing to $16 billion from $5.6 billion.

Furthermore, Chavez has promised to slash the salaries of senior public officials, as also the habitually-lavish ministerial spending on cars and entertainment.

While proposing the aforesaid measures, Chavez overlooked the economists who had suggested the devaluation of the fixed rate currency - a measure that would likely have covered the budget shortfall, but would have also led to an increase in inflation!