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Venezuela, Argentina eye alternative to IMF

 
UniverseSeven
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08/14/2006 12:20 PM
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Venezuela, Argentina eye alternative to IMF
By Kelly Hearn
The Washington Times

BUENOS AIRES -- Venezuela and Argentina aim to establish a new regional bank for nations frustrated with conditions imposed by the International Monetary Fund (IMF).

Argentine President Nestor Kirchner announced recently that the countries will cooperate on a "binational" bond issue that will serve as a precursor to a regionwide financial institution, an idea promoted by Venezuelan President Hugo Chavez.

Regional news outlets said the so-called "bond of the South" would be valued at about $2 billion and be used to finance infrastructure projects.

The issue represents the first step "in the construction of a bank, a financial space in the south that will permit us to generate lines of finance," Mr. Kirchner said in Buenos Aires after meeting with Mr. Chavez on the sidelines of a six-nation summit last week, in which Venezuela was accepted into the Mercosur trade bloc.

Mr. Chavez has promoted such a bank as an alternative to free-market conditions imposed by the IMF, which are used as a yardstick to qualify for loans from the IMF, World Bank and other multinational lending institutions.

Daniel Artana, an economist for the Latin American Foundation for Economic Research in Buenos Aires, said the new bonds will be highly secure "because they are backed by Argentina and Venezuela's oil money."


S. American nations expected to be polarized


Mr. Chavez has established his country as a regional lender of last resort.

He has purchased $2.8 billion to $3 billion in Argentine bonds in January, allowing Mr. Kirchner to pay off and cut ties with the IMF.

Mr. Chavez also purchased $25 million of Ecuador's debt last year and offered to buy $300 million more, said Mark Weisbrot, co-director of the Washington-based Center for Economic and Policy Research.

Mr. Weisbrot said the IMF is "one of the most important ways the U.S. has influenced economic policy in developing countries."

But Mr. Chavez's lending potential offsets that power.

"Now countries that don't want to meet conditions of the IMF can go somewhere else," he said.

Analysts increasingly see South America as becoming polarized between a Chavez-led axis with Bolivia and Cuba and a largely pro-U.S. bloc formed by Colombia, Chile and Peru -- all of which have signed free-trade deals with Washington.

Brazil and Argentina, the region's two biggest economies, have strong trade and relatively smooth political relations with the United States. But they also favor regional integration to offset U.S. influence.

The two recently joined Venezuela in plans to build one of the world's largest natural-gas pipelines, spanning 5,000 miles at a cost of $20 billion.

[link to wpherald.com]


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Brazil likely to join Venezuela, Argentina in debt bond issuance

Brazil is likely to join Venezuela and Argentina in the issuance of their so-called joint south debt bond, Argentine press reports said.

During the recent presidential summit of the Common Market of the South (Mercosur), Argentine, Brazilian and Venezuelan financial officials assessed the joint debt instrument issuance. They considered the possibility to tap the financial markets in one single debt bond comprising the three countries.

Newspaper El Clarín underscored that the Argentine and Brazilian Economy ministers have addressed this issue during their meetings. The report noted that Argentina believes this joint bond will allow for funds raising in the international market together with the country with the lowest rate in the region. Officials explained that the first version of the bilateral bond would be headed by Venezuela, and Argentina is to join Venezuela. In this way, Argentina would benefit from the low risk-country of Venezuela.

Over the last 14 months, Venezuela has purchased USD 3.3 billion in Argentine debt bonds. Argentine press reports claim that Argentina has paid an 18 percent commission on such operations. However, the Argentine Economy Ministry recently denied such claims.


[link to english.eluniversal.com]
Let both grow together until the harvest: and in the time of harvest I will say to the reapers, Gather ye together first the tares, and bind them in bundles to burn them: but gather the wheat into my barn.
Anonymous Coward
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08/14/2006 12:21 PM
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Re: Venezuela, Argentina eye alternative to IMF
applause
Dale Gribble

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08/14/2006 12:29 PM
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Re: Venezuela, Argentina eye alternative to IMF
This is good news, I mean it's a start... The IMF and World Bank are Globalist THUG Rothchild kind-of Agencies.

Eat your heart out Richard Peril!
Arcaneshift

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08/14/2006 12:42 PM
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Re: Venezuela, Argentina eye alternative to IMF
If they have any sense they will stay clear of dealing with IMF those jews have destroyed about half of the third world in usary propping up governments while paying insurgents to collapse those same governments so they could come in and collect their loan to that countries government by liquidating controlled assets at pennies on the dollar.
Time is a construct of thought alone
Lighthouse
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08/14/2006 12:57 PM
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Re: Venezuela, Argentina eye alternative to IMF
bump





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