Venezuela buys additional USD 1 billion in Argentinean bonds

Venezuela is one of the major Argentina's guarantors. Thus far, Argentina has issued no bonds in the global market after completing in 2005 refinancing of a huge debt

Chávez displays a t-shirt with the image of Argentina's national hero Libertador José de San Martín given to him as a gift during an agreement signing ceremony at the Foreign Ministry building in Buenos Aires (Photo: Enrique Marcarian / Reuters)

The Venezuelan government purchased some days ago USD 1 billion in Argentinean bonds, disclosed on Tuesday President Hugo Chávez.

"Venezuela bought one week ago, a few days ago, USD 1 billion in Argentinean bonds," said Chávez during a press conference in Buenos Aires, Reuters quoted.

"We trust in Argentineans a lot," he added.

Venezuela is one of the major Argentina's guarantors. Thus far, Argentina has issued no bonds in the global market after completing in 2005 refinancing of a huge debt.

Earlier on Tuesday, Argentina and Venezuela initialed several cooperation agreements in the fields of agriculture and industry in a ceremony held at the Argentinean Ministry of Foreign Affairs, in Buenos Aires, with the presence of some 200 local businessmen and headed by Venezuelan President Hugo Chávez.

Chávez presided over the execution of the cooperation agreements together with Venezuelan Minister of Foreign Affairs Nicolás Maduro.

"This meeting contributes to advance one step further in the cooperation process between Argentina and Venezuela," said Argentinean Minister of Foreign Affairs Jorge Taiana, who was also present at the ceremony.

Among the agreements, there is a contract for the sale of Argentine agriculture machinery to Venezuela. The agreement was signed by Argentina's Chamber of Manufacturers of Agriculture Machinery, AFP reported.

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