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Venezuela Turns to Flashy Casinos, SUVs and U.S. Dollars for an Economic Boost
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wsj.comCARACAS, Venezuela—A dozen casinos are opening here in a country where the Socialist government had banned gambling as a capitalist vice. And stores that were barren just a couple of years ago are now flush with imported goods, ranging from $8,000 bicycles to frozen desserts from the Cheesecake Factory.
After seven years in which the economy contracted 80%—what economists call the biggest collapse in decades for a country not at war—Venezuela’s economy may have bottomed out. Gross domestic
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