Venezuela owes China, Russia and Brazil USD 34 billion

[ChangoLoa]

Venezuelan President Hugo Chávez reported on Thursday that his government has embarked upon a new Chinese loan. Additionally, a financing facility is being sought from Russia.

As appears from his remarks, the Republic is taking up more and more commitments. In a 16-month term, the Executive Office has made a deal with China, Russia and Brazil for USD 34 billion. The loans are to be paid with oil.

During the opening of a helicopter site at Tavacare Fort, Barinas state, the Head of State said on the phone that the new Chinese loan will amount to USD 4 billion

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President Chávez also noted that a USD 4 billion funding has been scheduled with Russia. Over the next few days, Minister of Planning and Finance Jorge Giordani will make the arrangements to secure the payment of 50%, that is, USD 2 billion. "That USD 2 billion goes to the army; to the 2021-2031 strategic plan; I need a mighty army."

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http://www.eluniversal.com/2011/08/12/venezuela-owes-china-russia-and-brazil-usd-34-billion.shtml

[CJvR]

1. Seems as if...

...Chavez have learned from GWB - deficit spending to fund the military. At least GWB had wars to fight, what is Chavez's excuse?

[naaman fletcher]

2. That's not the only way they are alike

They are alike in every way except hatred for the US.