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Chavez Lavishes Oil Wealth on Neighbors

Posted Aug 9, 07 8:53 AM CDT in World,  Business 

(Newser) – Venezuelan President Hugo Chavez is spreading hundreds of millions of oil dollars around South America in an effort to limit the influence of the International Monetary Fund and forge a strong alliance. Chavez began a four-nation tour in Argentina referring to the IMF as "Dracula" and called for a united front against the US.

In Argentina he promised to buy up $1 billion in debt and build a refinery; he's expected offer similar economic and energy deals to Uruguay, Ecuador and Bolivia.  "We need to unite, and the North American empire doesn't want us to unite," he said. Argentina paid off all its IMF debt in 2006; critics now worry that the nation will be "Chavez dependent."

Source Guardian (UK)

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Venezuela's President Hugo Chavez, right, talks to Uruguay's President Tabare Vazquez during a meeting in Montevideo, Uruguay, Aug. 8, 2007. (AP Photo/Matilde Campodonico)   (Associated Press)
Venezuela's President Hugo Chavez speaks during a meeting with Uruguay's President Tabare Vazquez, unseen, at the Presidential Residence in Montevideo, Uruguay, Aug. 8, 2007. (AP Photo/Matilde Campodonico)   (Associated Press)
Venezuela's President Hugo Chavez autographs a flag during a visit to the Argentine National Institute of Industrial Technology in Buenos Aires, Tuesday, Aug. 7, 2007. Chavez is on a one-day visit to...   (Associated Press)
Ecuador' President Rafael Correa, left, looks on as Venezuela's President Hugo Chavez delivers a speech during a welcome ceremony in Quito, Wednesday, Aug. 8, 2007. (AP Photo/Dolores Ochoa)   (Associated Press)
Venezuela's President Hugo Chavez waves to journalists during a visit to the Argentine National Institute of Industrial Technology in Buenos Aires, Tuesday, Aug. 7, 2007. Chavez is on a one-day visit...   (Associated Press)
Ecuador' President Rafael Correa, left, embraces Venezuela's President Hugo Chavez during a welcome ceremony in Quito, Wednesday, Aug.8, 2007. (AP Photo/Dolores Ochoa)   (Associated Press)
Venezuela's President Hugo Chavez, right, stretches his hand to employees during a visit to the Argentine National Institute of Industrial Technology in Buenos Aires, Tuesday, Aug. 7, 2007. Chavez is...   (Associated Press)
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oil  • Venezuela  • energy  • Hugo Chavez  • Argentina  • Ecuador  • International Monetary Fund  • South America  • Uruguay


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