As soon as possible, they need to free prices, including the exchange rate, even though in the short-term devaluation means inflation and falling living standards.
And already, because of inflation in Brazil and price deflation in Argentina, the real exchange rate between them is close to its pre-devaluation level.
With a fixed and overvalued exchange rate, Chavez will rely on tough spending cuts (after a pre-election bonanza) and devaluation, which would act as a de facto tax hike.