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post #1 of 3 (permalink) Old 09-30-2005, 05:51 PM Thread Starter
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Chavez: Venezuela Moves Reserves to Europe

CARACAS, Venezuela (AP) - Venezuela has moved its central bank foreign reserves out of U.S. banks, liquidated its investments in U.S. Treasury securities and placed the funds in Europe, Venezuelan President Hugo Chavez said Friday.

"We've had to move the international reserves from U.S. banks because of the threats," from the U.S., Chavez said during televised remarks from a South American summit in Brazil.

"The reserves we had (invested) in U.S. Treasury bonds, we've sold them and we moved them to Europe and other countries," he said.

Chavez, a sharp critic of what he calls "imperialist" U.S.-style capitalism, has often criticized foreign banks for the power they wield in international financial markets at the expense of poorer countries.

Chavez again proposed the creation of a South American central bank that would hold the foreign exchange reserves of all the central banks in the region.

"I'm ready right now with the Venezuelan central bank ... to move $5 billion (euro4.15 billion) (of Venezuelan reserves), to a South American bank," Chavez said.

Central bank officials could not be immediately reached for more details.

Chavez has also argued against central bank autonomy, saying excess foreign reserves should be spent on economic development projects.

Under his presidency, Venezuela's mostly pro-Chavez Congress changed central bank laws earlier this year so the government could tap reserves for spending, despite criticism that it would lead to devaluation of the local currency and higher inflation.

Every year the central bank must now compute an "optimum" amount of reserves and hand over the rest to a newly created national development fund.

Money held in the fund will be used for overseas purchases and to pay off outstanding debt.

Foreign exchange reserves held by the central bank stood at $30.434 billion (euro25.27 billion) as of Sept. 28, according to central bank data.

© 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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post #2 of 3 (permalink) Old 10-01-2005, 01:06 AM
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RE: Chavez: Venezuela Moves Reserves to Europe

Quote:
lovemyc280 - 9/30/2005 7:51 PM

© 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
prepare ur defenses, u have just broken a copyright law!

Fuel economy!! whats that??
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post #3 of 3 (permalink) Old 10-01-2005, 12:41 PM
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RE: Chavez: Venezuela Moves Reserves to Europe

I like Chavez. He is a marvelous counterbalance to generations of rightwing oppression in Latin America. The structure of Latin American society is what Bush and the various flavors of GOP and Libertarian idealogues want to bring here- a two class society where the filthy rich rape the very poor as they make sure no middle class rises up to threaten their political power. Chavez will make an interesting show for them to watch on what happens when that point is reached. It is also happening all over Latin America- Brazil has also elected a far left president who is about to take that country apart at the seams as well - in fact, all of Latin America is about to go far left. It is the result of decades of exploitation and theft.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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