Bank of the South, championed by Venezuela, begins to take form

[Judi Lynn]

Source: International Herald Tribune

Bank of the South, championed by Venezuela, begins to take form
By Alexei Barrionuevo
Published: October 22, 2007

RIO DE JANEIRO: The idea from Hugo Chávez, the Venezuelan president, of creating a Bank of the South to finance regional development projects is moving forward, aided by the tacit approval of Brazil, which has South America's largest economy.

But doubts persist about the need for such a bank, which many economists and analysts continue to see as a political move by Chávez to try to spread his influence and carry out his crusade against Washington-based multilateral institutions like the World Bank and the Inter-American Development Bank.

Seven South American countries are expected to inaugurate the new bank at a ceremony on Nov. 3 in Caracas, Venezuela's capital, where it will be based. At a meeting here last week the countries - Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela - agreed to create an institution with up to $7 billion in initial capital, paving the way for the bank to begin operating as early as 2008.

An eighth country, Colombia, said last week that it wanted to be included as well. Its president, Álvaro Uribe, said that his country would join as long as the new bank was an "expression of solidarity and brotherhood," and not a rejection of the international lending institutions.



Read more: http://www.iht.com/articles/2007/10/22/business/bank.php

[LakeSamish706]

1. This is so awesome... With President Chavez I can see great things for...

South America in the works.... I love this guy, and only wish we in the US were as lucky to have someone as great running this country.

[Alcibiades]

2. "doubts persist about the need for such a bank"

Whose doubts? "many economists and analysts," i.e.Wall Street economists and Wall Street analyists. Competition is good, apparently except when someone is competing with the World Bank. Then competition is bad.

[silverweb]

5. That was my first thought, too!

Notice how careful they are to NOT say whose "doubts" are involved? :D

Kudos to Chavez!

[Mika]

7. What? You need more than "some people say" journalism?

Why do you hate 'Murica?

:+

[Judi Lynn]

3. Brazilian businessmen and deputies support Venezuela's entry to MERCOSUR

Mathaba News Network
Brazilian businessmen and deputies support Venezuela's entry to MERCOSUR
Posted: 2007/10/21
From: Mathaba

Brasilia, Oct 19 (ABN).- A total of 57 businessmen unions from the North and Northeast of Brazil and opposition deputies made official their support to Venezuela’s entry in the Southern Common Market (MERCOSUR). Through a document titled “Manifest of Manaus”, they assure that Venezuela’s entry is the only way to make them really participate in this integration block. The document was delivered in a meeting held with the Ambassador of Venezuela to Brazil, Julio García Montoya.

According to a press bulletin emitted by the Embassy of Venezuela to the Federative Republic of Brazil, the delivery of the document made by those unions was led by the President of the Brazilian-Venezuelan Chamber of Commerce and Industry of Sao Paulo, José Francisco Marcondes, and the Vice-President of the Brazilian-Venezuelan Chamber of Commerce and Industry of Roraima, Laerte Oestreicher.

In the act, the businessmen of the States of Acre, Alagoas, Bahia, Maranhao, Pará, Pernambuco, Rondonia and Roraima said: “Our regions will not be part of the Southern Common Market, which is a structural axis of South American integration, until the brother nation, the Bolivarian Republic of Venezuela in joint with the other Andean and Amazonian nations be also part of this block”.
(snip)

In the study, 76.53% of 688 Brazilian companies, which in turn represents the 86.45% of the business carried out in 2006, support Venezuela’s entry to the MEROSUR, opposing 0.64% of that amount of companies that rejects it.

http://mathaba.net/news/?x=567914

[Judi Lynn]

4. From an opposition newspaper: China absorbs oil Venezuela ceases to sell to the US

Caracas, Monday October 22 , 2007
China absorbs oil Venezuela ceases to sell to the US

Venezuela long time ago stopped looking at the United States as the ideal market for its oil sales. After a general strike in 2002-2003, Venezuela managed to take oil exports to the United States to a peak of 1.55 million bpd. However, as of 2004 oil shipments to the US have been declining steadily.

Between 2004 and the first half to 2007, Venezuelan sales of crude oil and byproducts fell 194,000 bpd, according to the US Department of Energy.

In parallel, energy relations between Venezuela and China have been flourishing. Despite the distance between the two countries, the need to go through the Panama Canal to take oil tankers from Venezuela to China, and the lack of refineries suitable to process heavy, high-sulfur content crude oil from Venezuela, the Venezuelan state-run oil firm Pdvsa sold China an unprecedented amount of 359,000 bpd in September.

Pdvsa's Marketing and Supply Division provided the figures to daily newspaper El Universal. Based on the data, Venezuela has shipped an average of 197,000 bpd of crude oil and byproducts to China so far this year.

More:
http://english.eluniversal.com/2007/10/22/en_eco_art_china-absorbs-oil-ve_22A1142559.shtml

[Javaman]

6. the US isn't the only crack addict in the world. lol nt

[Bandit]

8. At $90. per barrel Venezuela needs America like a woman needs a fish

Conservatives have screwed over America "BIG TIME" They have turned the entire Western Hemisphere against us in very short time. Used to be just six short years ago the Western Hemisphere was fairly United and Democratic. No more thanks to the GOP...

[David__77]

9. Latin America IS fairly united and democratic, and against US interference.

The Latin American leaders are only belatedly expressing the views of the people of their respective countries. What could be more democratic?