Chávez loans squeeze IMF from region
Venezuelan President Hugo Chávez is squeezing the International Monetary Fund out of Latin America, the region that once accounted for most of its business.
IMF lending in the area has fallen to $50 million, or less than 1 percent of its global portfolio, compared with 80 percent in 2005. Meanwhile, Chávez has used his oil wealth to lend $2.5 billion to Argentina, offer $1.5 billion to Bolivia and hold $500 million out to Ecuador.
Chávez, 52, is promoting what he calls a ''socialist'' alternative to the Washington-based IMF and its biggest shareholder, the U.S. Treasury. The timing couldn't be worse for the IMF, whose global clout is diminishing as countries from Uruguay to the Philippines pay their debts.
Go to the full article here.
posted by Administrator
2 Comments:
Hello, I noticed that your links only include websites that are partial to the Chavez government which does not jive with your Mission Statement. What gives?
Have you seen Venezuelatoday.net?
March 02, 2007 7:59 AM
Dear Anonymous:
When I look at the links posted on our website -- and see the CIA, the U.S. Embassy in Caracas, and frequent news articles that (from the Venezuelan government's perspective) are anti-Chavista -- I find your comment hard to reconcile with the facts. We welcome all views on this website. We were originally offered a link on Venezuela.net today when we were launched, but we were removed by whomever runs it. We stand by our mission statement and our implementation of it, more's the pity for those who claim to be open-minded but don't function that way.
Editor
March 02, 2007 10:08 AM
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