"Venezuelan President Hugo Chavez urged South American countries on Saturday to withdraw their international reserves in U.S. banks citing a looming recession faced by the world power.Oh Lord, where this bank will be operating, Venezuela? And by whom?(!) South America is not known precisely for its financial stability, low inflation, low levels of corruption and fraud operations... you know this is too much Tony Soprano on crack.
(...) His remarks came as leaders from Venezuela, Bolivia, Nicaragua and Cuba, all ALBA members, gathered in the Venezuelan capital for the summit, during which the establishment of a development bank would be discussed, according to Venezuelan official sources.
The bank has a startup capital of 1 billion to 1.5 billion U.S. dollars and related documents might be signed during the meeting, the sources said."
Hugo should write a book, "How to have lots of money and lose it for no reason in 1 easy step".
I feel sorry because that money he is talking about is the money of all Venezuelans... my money too... sigh...