EL UNIVERSAL
CARACAS, Wednesday October 01, 2008 | Update
Chávez concedes that nobody is safe from the financial crisis
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.
On the Cover
Worsening chronic poverty in Venezuelan households
11:00 AM. Economy. Based on the official data, more and more families failed to get out of poverty in 2008; the exclusion status of more people moved faster and fewer people are on their way to overcome this situation. According to the data provided by the official National Statistics Institute (INE), last year the poorest homes in the country recorded an average monthly income of USD 401.82, whereas the food basket amounted to 417.77
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