CARACAS, Wednesday October 01, 2008 | Update
The governments of Venezuela and Brazil signed seven memorandums of understanding in Manaus (Photo: AP)
Economy
Latin American leaders admitted that the financial crisis
in the United States may be one of the worst in history, amid
appeals for calm and for strengthening the regional financial
system, DPA reported.
"Nobody knows the scope of this economic crash. I believe
that the financial crisis will be worse than that of 1929
and will affect the whole world," said Venezuela's President
Hugo Chávez.
He also predicted that oil prices will fall to a range between
USD 80 and USD 95 a barrel, during a summit in Manaos, which
was also attended by the presidents of Ecuador, Rafael Correa;
Bolivia, Evo Morales; and Brazil, Luiz Inácio Lula da
Silva.
Chávez urged South American nations to enforce the Bank
of the South. "We cannot lose not even one day in order to
implement it."
The agency is expected to start operations this year with
an initial capital stock of USD 7 billion, USD 6 billion out
of which will be provided by Argentina, Brazil and Venezuela,
USD 2 billion each.
During the summit, the governments of Venezuela and Brazil
executed seven agreements and memorandums of understanding.
05:09 PM. Economy. If any country has cashed in on the Bolivarian revolution, that is Brazil, particularly the private companies of the southern neighbor. Over the past five years, it has been awarded contracts for works to be carried out in Venezuela for over USD 14 billion. This puts it as the first recipient of government-to-government contracts, that is, without bidding, since Hugo Chávez took office.