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Venezuelan President welcomed by Reagan

President Reagan welcomed Venezuelan President Jaime Lusinchi to the White House Tuesday and contrasted Venezuela's ''shining example of freedom and democracy'' to the ''Soviet-style sham elections'' held in Nicaragua last month. Mr. Reagan said there has been progress toward democracy in Central America except for Nicaragua. Mr. Lusinchi, on a two-cay visit here, was far more cautious in his remarks on Central America. He said peace in the area depends on the ''effective democratization of the region and the exclusion of foreign influences,'' both from the Western and Eastern Hemisphere.

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