A good source of revenue: “I also table documents which show that Tarong Energy paid this government $55 million in dividends last year and CS Energy paid the government $40 million in dividends last year” he said. By: Marie Trigona – Venezuelanalysis.com
Buenos Aires, Argentina, March 14, 2007—President Bush wrapped up his 5 nation-tour today dodging criticisms on immigration policy and opposition to the war in Iraq in Meridia, Mexico where protestors lobbed concrete rocks at his hotel. Venezuelan president Hugo Chavez dogged Bush during his own whirlwind tour of Latin America, signing trade accords to promote regional integration. Part of Chavez’s agenda is to squeeze the International Monetary Fund out of Latin America and replace it with a regionally based institution.
Speaking in front of thousands of supporters in Buenos Aires, Chavez announced plans to create Banco del Sur or Bank of the South, a socialist alternative to the Washington based IMF lending institution. Argentina has already agreed to transfer 10 percent of the nation’s reserves to boost the Bank of the South, a financial institution that could serve as an alternative to the IMF.
Chavez said that the Bank of the South can break the vicious cycles of foreign debt. “We have paid a countless amount of resources to pay back foreign debt. In the past 20 or 25 years we have paid more than 2.2 billion dollars in debt. We have paid back the loans more than three times over.”