Venezuela pays off multilateral loans, says goodbye to IMF

[Judi Lynn]

Source: FOCUS News Agency

Venezuela pays off multilateral loans, says goodbye to IMF

15 April 2007 | 00:27 | FOCUS News Agency

CARACAS. Venezuela has paid off all its debts to the International Monetary Fund and World Bank and told them goodbye after fiercely criticizing the institutions for policies it claims have perpetuated poverty. "My dear Sirs at the World Bank, Sirs at the International Monetary Fund goodbye to you. Venezuela is free ... and sovereign" Finance Minister Rodrigo Cabezas told the state TV broadcaster Saturday "We are closing a historic cycle of indebtedness" Cabezas said, adding that Venezuela "does not have any debts§ with the institutions.





Read more: http://www.focus-fen.net/index.php?id=n110180

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The Associated Press April 14, 2007, 5:49PM EST
Venezuela pays off multilateral loans

CARACAS, Venezuela

Venezuela said Saturday it has paid off its debts to the International Monetary Fund and the World Bank and is cutting ties to the two institutions, which the government of President Hugo Chavez accuses of perpetuating poverty and economic ills.

"My dear sirs at the World Bank, sirs at the International Monetary Fund -- goodbye to you. Venezuela is free ... and sovereign," Finance Minister Rodrigo Cabezas told state TV.

By making early payment on loans expiring in 2012, Venezuela saved US$8 million (euro6 million) in interest payments, Cabezas said.

"We are closing a historic cycle of indebtedness," he added. "We do not have any debts (with them)."

More:
http://www.businessweek.com/ap/financialnews/D8OGKP7O0.htm

[stlsaxman]

1. Nelson Muntz interprets for Hugo Chavez-

nya-hah!!

[Make7]

2. That is good news. And appears to be where things are heading...

... more and more in Latin America. I would really love to see both the IMF and the WorldBank go out of business. The obligations those institutions place on the debtor countries for loans are not designed for the benefit of the countries requesting the loan or its citizens.

I think the various micro-lending institutions operating around the world may be one of the most powerful tools in the war on poverty and oppression throughout the world. Recently I saw a segment on PBS about a 'peer-to-peer' micro-lending organization called Kiva. Because of people doing things like that I have hope for a world that can sometimes be a very discouraging place to live.

Thank you for posting - I have noticed that you seem to keep an eye on events in the other countries of this hemisphere. So in case no one has told you recently, it is appreciated.

- Make7

[Judi Lynn]

4. Just visited your link, and watched the NY Times short video, D.I.Y. Foreign Aid

What a GREAT idea! Can only hope it becomes a tremendous success. People really need to see a personal element in their lives now, after everything has gone directly to hell at the hands of lunatic right-wing politicians and their financial multinational backers.

The new ideas seem far, far better, don't they? The world needs intelligent, non-greedy change desperately.

Thank you very much.

[Make7]

32. The 2006 Nobel Peace Prize being awarded to a micro-lender helped...

... shine a light on the concept and on all of the existing micro-lending institutions.

http://www.grameen-info.org/

- Make7

[Wilber_Stool]

8. The IMF out of business, maybe.

And they only have 3,200 tons of gold to show for it:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=274789&mesg_id=274789

[formercia]

11. Gold for the New World Order

If the boys can't get it from Congress, they will steal the gold, which a good portion belongs to the US taxpayer, to fund their adventures.

[Zhade]

30. The examples of the internet, too, will help change the world.

Good news indeed!

[Flanker]

3. Venezuela ended its relationship with the IMF in 2001-2002

This was about repaying the World Bank, both pine's sawed right off.

http://imf.org/external/np/fin/tad/extrans1.aspx?memberKey1=1050&endDate=2007%2D04%2D15&finposition_flag=YES

[Robbien]

16. True, but Chavez is not one to let a good opportunity go by

He knew he would get world press on repayment of the World Bank loan so he used the occasion to make sure both IMF and the World Bank bad loan practices were highlighted.

[LiberalFighter]

5. I hope they put together their own World Bank for South America

[Warren Stupidity]

17. They are, it is called the Bank of the South. nt.

[Peace Patriot]

6. This is the heart of the matter, isn't it? The sovereignty, independence and self-determination

of Latin American countries. Venezuela's big offense has been its brilliance in recognizing the mechanisms of oppression, and its strength in battering those mechanisms down. Its easy term loans to Argentina, to help that country get out from under World Bank/IMF debt--which was savaging Argentina's economy and society--was a key event in this story. Now Venezuela and others have formed the Bank of the South, as an alternative to the World Bank, and they are driving the World Bank out of South America. They are also strengthening Mercosur, the South American trade group and probable precursor to a South American "Common Market" and common currency (to get off the US dollar). County after country is rejecting the twin weapons of US oppression: the World Bank/IMF, and US-dictated global corporate predation ("free trade").

The South Americans are also--and significantly--rejecting the old US weapon of violent interference and military coups, which Bush was trying to arrange with billions of dollars to Colombia's military for the phony "war on drugs." Colombia has been rocked by a huge scandal in the top echelons of the Uribe government (Bush's pal)--including the chief of the military--involving drug trafficking, mass murder of leftists, labor organizers and peasants, and a plot to assassinate Hugo Chavez and destabilize the Andean democracies. Evo Morales in Bolivia and Rafael Correa in Ecuador (two among many new leftist presidents in Latin America) have taken specific steps to disengage from this murderous "war." Whatever efficacy it may ever have had, with the Bush Junta in control, it has become unbelievably corrupt and ruinous. The harbinger was, once again, Venezuela, which threw off a military coup in 2002, when a million people surrounded Miraflores Palace (the seat of government) and demanded restoration of their Constitution and return of their kidnapped president.

And it is Venezuela's economic analysis, and social justice policy, that is the key to Latin America's future. Self-determination. Regional cooperation. Even a center-right government like Paraguay's is seeing the benefit of these ideas, and recently joined the Bank of the South. Venezuela is empowering all Latin American countries to assert their sovereignty and throw off the mechanisms of oppression including onerous debt to "first world" financial institutions that regard progressive social policy as a lootable resource.

It shows you what transparent vote counting can do. If we had transparent vote counting here, our country would not be in debt to China and Saudi Arabia, and individual citizens would not be suffering credit card interest rates as high as 30% and other onerous terms, for what is often essential borrowing--to pay skyrocketing medical or education costs. The financial predators are upon us, and we have no government to speak of exercising its power on our behalf. We are naked before our enemies--as South America was until Venezuela came along and said "No more!"

In Venezuela, they have electronic voting, but it is an open source code system (anyone may review the code by which votes are tabulated), and they handcount FIFTY-FIVE PERCENT of the ballots, as a check against machine fraud.

Here we have electronic voting machines run on "TRADE SECRET," PROPRIETARY programming code, owned and controlled by rightwing Bushite corporations, with virtually no audit/recount controls. You know how much we handcount, as a check against machine fraud? In many states, ZERO PERCENT. No check whatsoever. And in the best states--the best!--we have a ONE PERCENT audit (totally inadequate to detect fraud).

This is why Venezuela is now free of World Bank debt, and why we are in debt up to our eyeballs--a projected $10 trillion deficit and counting--all to benefit war profiteers and the super-rich.

It's very simple, friends. Democracy is very simple, really. You count all the votes, in a way that everyone can see and understand. And you do the will of the people.

And this is why the BushCons, the war profiteering corporate news monopolies, and even some of Democratic Party leaders demonize Hugo Chavez. It's not really Chavez they hate. It's the people of Venezuela. Same here.

[annabanana]

14. Well they'd better watch out down there.... Isn't the BFEE busy

setting up a new locus in Paraguay? Clearly the game is afoot...

[Kali]

15. "It's very simple, friends. Democracy is very simple, really.

"It's very simple, friends. Democracy is very simple, really. You count all the votes, in a way that everyone can see and understand. And you do the will of the people."

May I use this?

[DCKit]

20. Well written PP : )

I knew there was SOME reason the IMF and World Bank demonstrations were so large.

The most horrible example I've ever seen of their intent to control these nations was the World Banks insistence that Bolivia allow privatization of their water (Bechtel Corp.) as a loan condition. The people rose up and threw the bums out via national demonstrations.

Additionally, the both the IMF and WB loan money to corrupt governments, knowing that cash will be embezzled as fast as it comes in. Dictators escape with billions and the people are stuck with no improvements and the tab.

Both the World Bank and the IMF need to be shut down.

[northzax]

31. technically...

it wasn't Bechtel, it was Veolia/Suez, a French company.

[youngdem]

7. Good for him. Now watch the wingnuts turn paying off debt into a bad thing

[nealmhughes]

9. Congratulations to the people of the Bolivarian Republic!

[Joanne98]

10. Off to the Greatest!

[ohio2007]

12. Maybe Chavez can pay off the rest of the IMF debt of his neighbors

when they switch banks

Brazil looks to join Chavez-backed bank



Should be worth fee free checking for a year or two

[gratuitous]

13. Hmmm, could this have anything to do with neocon animosity?

We know that merely mentioning Hugo Chavez in some circles causes some people to just totally discombobulate. You don't suppose they're motivated by anything so base as greed?

[Laughing Mirror]

18. Hallelujah!

This is a great day for Venezuela, and by extension for South America, and is an inspiration for poor impoverished people everywhere.

Goodbye IMF. Good riddance World Bank. Have those deplorable institutions ever done anybody poor any good anywhere in the world?

[Toots]

19. I have to ask, would a socialist start their own banking system?

One thing Chavez is not is stupid. Bankers make money "Big Time" Oil is non-renewable but not interest on money......

[Pastiche423]

21. Kudos to Chavez!

After decade upon decade of being under the opressive thumb of the World Bank and the IMF, this is one hell of an accomplishment.

[Spiffarino]

22. What about all the unemployed Economic Hit Men?

Who's looking out for them??

:sarcasm:

[Hekate]

23. I wondered the same thing; I guess they'll just have to go kill some other country's economy!

Maybe they can all go hang out in Baghdad and duck incoming fire. :sarcasm:

Hekate

[Spiffarino]

24. From your keyboard to God's ears

:nuke:

[otherlander]

36. You're right!

We should help them find a nice gated community to live in...

[IsItJustMe]

25. All I can say is FRICKEN AHH. I wish all nations could get the hell out from under that beast.

[JNelson6563]

26. A main reason the right hates him.

Along with DU's own cadre of corporatists.

:toast:

[ooglymoogly]

27. But, but, but our govt is telling us this man is evil

and he won't let big OIL and big, big, in to run his oil and anything else worth stealing....and too the msm is telling us this man is not to be trusted and we must hate him. YUH!!!! ROIT

[TankLV]

28. Smart move - Good for Hugo!

He is NOT a fool, by any means...

[Zhade]

29. An enormous victory against that malignant body.

Viva Venezuela!

[Cobalt-60]

33. Good Work Hugo.

[camero]

34. Isn't it awful funny

How they were able to grow thier economy and pay off the IMF after investing more in thier people and social programs?

[yurbud]

35. kick