Venezuela Pulling Out of IMF, World Bank

[cal04]

Source: AP

President Hugo Chavez announced Monday he would formally pull Venezuela out of the World Bank and the International Monetary Fund, a largely symbolic move because the nation has already paid off its debts to the lending institutions.

``We will no longer have to go to Washington nor to the IMF nor to the World Bank, not to anyone,'' said the leftist leader, who has long railed against the Washington-based lending institutions.

Chavez said he wanted to formalize Venezuela's exit from the two bodies ``tonight and ask them to return what they owe us.''

Read more: http://www.guardian.co.uk/worldlatest/story/0,,-6599314,00.html

[NorCalDem]

1. Dayumn! Chavez means business! n/t

[cliss]

2. Interesting timing.

While Mr. Wolfowitz and the World Bank Board fight it out, Hugo Chavez decides to leave!!!

Wow. What an ugly message the bank sends to the world. Just despicable. I just hope Paul hangs in there with his TOENAILS* because there's a lot more dirt to dredge out.

= = = = = = = = = =
*I'm referring to a photo which was posted here on the DU. It showed Wolfowitz with big holes in his socks, worn out from long toenails. Ecch. Get that man outta there.

[madrchsod]

5. most of south america no longer deals

with the imf or the world bank. they are looking to chavez for investment money

[bemildred]

3. "ask them to return what they owe us"

I wonder what he means by that.
:popcorn:

[madrchsod]

4. chavez`s country is sitting on the world`s largest oil field

so he can do what ever he wants...

[Judi Lynn]

6. Someone posted an article here recently stating the World Bank used to make most of its money

from Latin America, and that in the recent past the Latin American bidness has dwindled down to something shocking, like less than 10%.

If they lose their power over these countries, how on earth are they going to manipulate them? It must be driving them wild.

[Yavin4]

7. If they lose their power over these countries, how on earth are they going to manipulate them?

That phrase gets wars started.

[conspirator]

14. rec

[bobbie]

8. Holy cow, that's a shot across the bow of the Imperial Establishment

Bypassing the ultimate tool of the Capitalist sociopaths, The World Bank.
It's a declaration of economic war--the only kind that matters to the Establishment.

Very ballsy.
One of the things that President Kennedy did that so infuriated David Rockefeller and the 60's Establishment was express the intent to bypass the World Bank to help third world nations...

Two very ballsy men. They don't come along very often.

[Judi Lynn]

9. Reuters:Venezuela to quit IMF, World Bank

Venezuela to quit IMF, World Bank
Mon Apr 30, 2007 11:05PM EDT

CARACAS (Reuters) - Venezuela will withdraw from the Washington-based lending organizations, the IMF and World Bank, in a symbolic move that distances leftist President Hugo Chavez from much of the international economic community.

Chavez, who plans to create an alternative lending bank run by South American nations and funded in part with his OPEC nation's high oil revenue, said on Monday Venezuela no longer needed the institutions dominated by U.S. "imperialism."
(snip)

"I want to formalize our exit from the World Bank and the International Monetary Fund," he said.

Chavez blames the organizations' decades-old economic recipes of tight budget control, privatizations and open markets for continued poverty across Latin America.
(snip/...)

http://www.reuters.com/article/worldNews/idUSN3047381820070501

[WCGreen]

10. How's about populist instead of left leaning....

God, Wolfowitz is in charge of the World Bank...

As Stan Lee use to say.... NUFF SAID.......

[windbreeze]

11. This man is no one's fool....n/t

[Screwfly]

12. What next?

I wonder if Chavez is going to demand payment in something other than dollars for Venezuelz oil next?

[conspirator]

13. Viva Chavez!!! nt

[Demeter]

15. Venezuela to Quit IMF, World Bank

Venezuela to Quit IMF, World Bank http://www.economicpolicymonitor.com/

Venezuela's leftist President Hugo Chavez has announced that Venezuela will quit the IMF and World Bank. This is probably the sanest thing Chavez has done.

But, he apparently can't stay sane for very long. He has also announced that he plans to create an alternative lending bank run by South American nations and funded in part with Venezuela's oil revenues.

Venezuela recently repaid its debts to the World Bank five years ahead of schedule, saving $8 million. It paid off all its debts to the IMF shortly after Chavez first took office in 1999. The IMF closed its offices in Venezuela late last year.

On Tuesday Chavez's plans to lead a massive rally to take over the operations of multi-billion dollar oil projects run by some of the world's largest companies.
Labels: IMF, Venezuela, WorldBank

posted by Raymond Weber @ 12:15 AM


DON'T KNOW WHY IT'S NOT SANE TO DO ALTERNATIVE LENDING, MYSELF. I THINK IT'S NEIGHBORLY, SMART, AND A GOOD DEFENSIVE MOVE FOR VENEZUELA TO BUILD UP STRONG, HEALTHY FRIENDS AMONG ITS NEIGHBORS.

[Yavin4]

16. I Know the Real Reason Why Venezuela Is Pulling Out

That clip from "Farenheit 9/11" wherein Wolfowitz is spit-combing his hair just skeeved them out.

[Vidar]

17. Chavez's best move ever. Screw the IMF.

[FiveGoodMen]

19. IMF dirty MF

takes away everything it can get
always making certain that there's one thing left
keep them on the hook with insupportable debt

-- Bruce Cockburn, 'Call It Democracy' 1985

[Nederland]

18. They will come crawling back

...as soon as oil prices drop or their fields run dry--whichever comes first.

[paulk]

25. you mean like the last time they nationalized the oil industry?

Hugo's taking some big chances these days....

Let's hope for the people of VZ's sake that they're not the one's who end up choking on the smoke from the bridges he's burning...

[Judi Lynn]

20. I can't believe there are people anywhere who bear a personal grudge because the Venezuelan people

want control of THEIR OWN COUNTRY.

You'd think they'd be ashamed to show up anywhere.

[Jcrowley]

21. Kick and Rec n/t

[BeHereNow]

22. He's also offered to sell oil to his allies at a discount.....Bwahahaha!

TPTB must be more than a little miffed at that move too.
:toast: :popcorn:
BHN

[PuraVidaDreamin]

23. VIVA Chavez

otra vez

[AnOhioan]

24. Chavez is telling the corporatists where to shove it

K&R