http://news.yahoo.com/s/ap/20080126/ap_on_bi_ge/venezuela_alba_summit
Chavez: Pull reserves from US
By IAN JAMES, Associated Press Writer
Sat Jan 26, 2008
Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis.
Chavez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back U.S. influence.
"We should start to bring our reserves here," Chavez said. "Why does that money have to be in the north? ... You can't put all your eggs in one basket."
To help pool resources within the region, Chavez and other leaders launched a new development bank at the summit of the Bolivarian Alternative for the Nations of Our America, or ALBA.
The left-leaning regional trade alliance first proposed by Chavez is intended to offer an alternative, socialist path to integration while snubbing U.S.-backed free-trade deals.
Chavez noted that U.S. Secretary of State Condoleezza Rice visited Colombia in recent days, saying "that has to do with this summit."
"The empire doesn't accept alternatives," Chavez told the gathering, attended by the presidents of Bolivia and Nicaragua and Cuban Vice President Carlos Lage.
Chavez warned that U.S. "imperialism is entering into a crisis that can affect all of us" and said Latin America "will save itself alone."
Rice left Colombia on Friday after a trip aimed at reviving a free trade deal that has stalled in the U.S. Congress. She sidestepped an opportunity to confront Chavez, who accused Colombia and the United States of plotting "military aggression" against Venezuela.
Nicaraguan President Daniel Ortega joined Chavez in his criticism of U.S.-style capitalism, saying "the dictatorship of global capitalism ... has lost control." Three days earlier, Ortega had shouted "Long live the U.S. government" as he inaugurated an American-financed section of highway in his country.
The ALBA Bank is "being born with the aim of boosting development in our countries," Venezuelan Finance Minister Rafael Isea said Saturday as he and other officials gathered at the bank's Caracas office for an inaugural ceremony.
Isea has said the bank will be started with $1 billion to $1.5 billion.
Chavez welcomed the Caribbean island of Dominica into the ALBA — an acronym that means "dawn" in Spanish — joining Nicaragua, Bolivia and Cuba. Attending as observers were the prime ministers of Antigua and Barbuda and St. Vincent and the Grenadines, along with officials from Ecuador, Honduras, Haiti and St. Kitts and Nevis.
Chavez said a new fund created by Venezuela and Iran to support projects in third countries would have links to the ALBA Bank.
Showing posts with label Daniel Ortega. Show all posts
Showing posts with label Daniel Ortega. Show all posts
Sunday, February 3, 2008
Venezuela, Allies to Start New Bank
http://ap.google.com/article/ALeqM5iMCLEISU-Nv0nIUJnH1WkxcabXYgD8UDAQ7G0
Venezuela, Allies to Start New Bank
By IAN JAMES
1-25-8
CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez and three of his closest allies are teaming up to create a regional development bank intended to strengthen their alliance and promote independence from U.S.-backed lenders like the World Bank.
The bank is to be launched Saturday as Chavez hosts a summit with leaders from Nicaragua, Bolivia and Cuba — members of the Bolivarian Alternative for the Americas, or ALBA.
The left-leaning regional trade alliance is intended to offer an alternative, socialist path to integration while snubbing U.S.-backed free-trade deals.
The ALBA Bank will be started with $1 billion to $1.5 billion of capital, Venezuelan Finance Minister Rafael Isea said Friday, according to the state-run Bolivarian News Agency.
Venezuela, with its plentiful oil earnings, is expected to be the leading financier. The funds will go toward social programs and other joint efforts, from farming projects to oil ventures.
Chavez and the leaders of six other South American countries last month launched a similar venture, the Bank of the South, which is projected to have as much as $7 billion in startup capital and offer loans with fewer strings attached than those given by the World Bank or the International Monetary Fund.
Nicaraguan President Daniel Ortega said he believes the ALBA Bank will bring "mutual benefits." For instance, he said, Nicaragua's farm projects could "start supplying Venezuela with milk, with beef" — which could help Chavez's government stem recent shortages of such products.
The two governments Friday signed a series of accords, including one for "food security" under which Nicaragua pledged to help supply milk, corn, beans and beef to Venezuela.
"I want to thank Daniel and all of Nicaragua," Chavez said. "We still have to depend on a lot of imported foods."
In turn, Chavez's government is selling oil under preferential terms to Nicaragua and has sent the country fertilizers, tractors and electric generators.
Venezuela, Allies to Start New Bank
By IAN JAMES
1-25-8
CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez and three of his closest allies are teaming up to create a regional development bank intended to strengthen their alliance and promote independence from U.S.-backed lenders like the World Bank.
The bank is to be launched Saturday as Chavez hosts a summit with leaders from Nicaragua, Bolivia and Cuba — members of the Bolivarian Alternative for the Americas, or ALBA.
The left-leaning regional trade alliance is intended to offer an alternative, socialist path to integration while snubbing U.S.-backed free-trade deals.
The ALBA Bank will be started with $1 billion to $1.5 billion of capital, Venezuelan Finance Minister Rafael Isea said Friday, according to the state-run Bolivarian News Agency.
Venezuela, with its plentiful oil earnings, is expected to be the leading financier. The funds will go toward social programs and other joint efforts, from farming projects to oil ventures.
Chavez and the leaders of six other South American countries last month launched a similar venture, the Bank of the South, which is projected to have as much as $7 billion in startup capital and offer loans with fewer strings attached than those given by the World Bank or the International Monetary Fund.
Nicaraguan President Daniel Ortega said he believes the ALBA Bank will bring "mutual benefits." For instance, he said, Nicaragua's farm projects could "start supplying Venezuela with milk, with beef" — which could help Chavez's government stem recent shortages of such products.
The two governments Friday signed a series of accords, including one for "food security" under which Nicaragua pledged to help supply milk, corn, beans and beef to Venezuela.
"I want to thank Daniel and all of Nicaragua," Chavez said. "We still have to depend on a lot of imported foods."
In turn, Chavez's government is selling oil under preferential terms to Nicaragua and has sent the country fertilizers, tractors and electric generators.
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