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Ford to Sell Venezuelan Cars in Greenbacks in Dollarization

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Ford Motor Co. will sell some of its cars in Venezuela in dollars to alleviate a shortage of greenbacks that has slashed its imports and paralyzed its plant, according to a labor union official.

“Car sales will be in dollars,” Gilberto Troya, head of the Ford Motors de Venezuela union, said by telephone from Valencia, Venezuela. He said the company informed the union of the deal with the government April 28. “This could lead to a complete dollarization of the sector.”