Venezuela, Allies to Start New Bank

[Judi Lynn]

Source: Forbes/Associated Press

Venezuela, Allies to Start New Bank
By IAN JAMES 01.25.08, 2:19 PM ET

CARACAS, Venezuela - Venezuelan President Hugo Chavez and three of his closest allies are teaming up to create a regional development bank meant to rival U.S.-backed institutions such as the World Bank.

The bank will be a central theme as Chavez hosts a summit Saturday 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.



Read more: http://www.forbes.com/feeds/ap/2008/01/25/ap4576073.html

[fenriswolf]

1. if the financial infrastructure already in place allows this bank

to grow, could an independant bank for S american countries be as huge as I think it is?

[Judi Lynn]

3. From a Venezuelan "opposition" newspaper: ALBA Bank likely to have a paid capital of USD 1 billion

Caracas, Friday January 25 , 2008

ALBA Bank likely to have a paid capital of USD 1 billion

The Bank of the Bolivarian Alternative for the Americas (ALBA) is likely to have a paid capital of USD 1 billion to be provided by its four member countries (Bolivia, Cuba, Nicaragua, and Venezuela) in proportions and terms yet to be defined.

Finance Minister Rafael Isea said that, during the meetings prior to the Sixth Summit of ALBA, the delegations have made progress regarding a number of issues related to the new financial institution.

Isea stressed that in Thursday and Friday they refined a number of details in the articles of agreement and bylaws of the ALBA Bank, with a final revision by the presidents of the member countries still pending.

http://english.eluniversal.com/2008/01/25/en_eco_art_alba-bank-likely-to_25A1331561.shtml
(It's probably killing El Universal to publish the story. They are a total hate-Chavez outlet, involved in the run-up to the coup.)

[fascisthunter]

2. Good for Them (nt)

[Doctor Cynic]

4. Will they offer subprime loans to the USA? n/t

[Purveyor]

5. Concentrating on your own regions interests can only be a good thing for the people of that region.

"Unhinged" from the World Bank is even better.

[Judi Lynn]

6. Google translation of a Venezuelan tv station's article on Nicaragua & ALBA:

Venezuela and Nicaragua have signed four bilateral agreements in the framework of the ALBA
Mostra _ 25/01/08 - 17:40 CCS


Venezuela and Nicaragua signed this Friday 4 bilateral agreements within the framework of the Bolivarian Alternative for the Americas (ALBA). The event occurred at Miraflores Palace in Caracas, in the presence of the presidents of both countries, Hugo Chavez and Daniel Ortega.

It is a food security agreement, which President Chavez described "huge importance that the world still has not seen, the world is entering a genuine food crisis."

The representative of Nicaragua said that his country, which it described as "the breadbasket of Central America" is "the largest and most willing to get as soon as possible agricultural products to Venezuela."

He mentioned the sending of 8 thousand 500 tons of beans, 11 thousand tons and 500 tons per month more beef to Venezuela, among other foods. This agreement aims to bring together the agricultural potential of the two countries.

The second document is a draft agreement signed on cooperation in the protection, assistance and protection of children and adolescents.

Thirdly signed a letter of intent for the development of projects in the forest area and carrying out feasibility studies for development in this area.

Finally, it was agreed development projects in the area of mining, between the two countries.

http://www.telesurtv.net/secciones/noticias/nota/23646/venezuela-y-nicaragua-firman-cuatro-convenios-bilaterales-en-el-marco-del-alba/

http://translate.google.com/translate_t?langpair=es|en (google translator tool)

[Pavulon]

7. As long as we dont have to bail it out

after a currency hedge blows it up.

Us gdp 14000 billion a year..

BOA revenue is around 120 times that capital. Revenue not assets.

Guess they have to put our oil dollars somewhere.

[fascisthunter]

11. After What Conservatives Have Done Here, Maybe They Can Bail Us Out (nt)

[Pavulon]

12. Scale..Our market corrections dwarf their economies

even with all the petro dollars it is tiny. Let me repeat, the periodic corrections in the US market are far larger than the gdp of the nations listed.

BOA's revenue is larger than the ENTIRE gdp of Venezuela.

He can play Animal Farm on our dime all day but at the end of the day the reality is impressive. The US economy is many times larger than its nearest comparison nation. an Order of magnitude larger than that of all of Latin America.

[ronnie624]

14. Wow! I'm glad you pointed all of that out.

It seems that Hugo Chavez is a dictator and an asshat, after all.

[High Plains]

17. So...what does that have to do with anything?

[Judi Lynn]

18. Truly! Not seeing any connection whatsoever.

[nick303]

20. It was a response to "maybe they can bail us out"

Don't be obtuse.

[ronnie624]

21. No it wasn't.

That post was pure sarcasm.

Pavulon's reply was just another opportunity to say "Animal Farm" or "red shirts" or "gulag" or some other underhanded, deceitful way of associating the Bolivarian movement with totalitarianism.

You are the one who is dissembling.

[TheWatcher]

22. Delete.

Tiresome.

[ronnie624]

23. Perhaps you need a rest.

Though it is a bit odd that you invested effort in a reply, considering how tiresome it is and all.

[thunder rising]

8. alternative, socialist path to integration

Gotta love the spin!

[Peace Patriot]

9. I'm glad to see that the strategic-thinking Bolivarians are continuing their

very practical efforts toward independence and self-determination. Smart people. And it is initiatives like these that have the Bushites' panties in a twist. They don't want to see these countries helping each other, and creating regional bulwarks against financial, political and military interference.

[RuleOfNah]

15. Rumsfeld's panties too?

When do they bump heads with the WWII losers that set up camp in South America?

[IsItJustMe]

10. I guess, with our country so involved in Iraq, it has given S America some breathing room for self

determination. I think it will only continue. I don't see our next president, who ever it is, as interested in stirring things up over there, like the present administration does.

(edit for typo)

[DuaneBidoux]

13. I criticize Chavez endlessly but THIS (sorry to yell) is progressive, democratic, and positive.

This is awesome!

[NuttyFluffers]

16. can Jessica be their ad spokeswoman?

:think:

[Gravelman]

19. Where canI sign up for an account..

I have no trust in our banks..Rothschild's can go to hell.