China Gives $20 Billion in Non-IMF Financing to Venezuela in Exchange for Shipment of Additional 400,000 Barrels of Oil Per Day

Chavez Picture ©2009 London Telegraph. All Rights Reserved.

Here's another major world deal that does not involve the United States. China is going to buy $20,000,000,000 in fuel from Venezuela and Hugo Chavez. I guess the Monroe Doctrine is long dead. Nevertheless, I do not recall if the Monroe Doctrine applied to business transactions.

China will contribute financing of $20 billion" to help with development in Venezuela under conditions that in no way have anything to do with the excessive interest rates of multilateral lending entities, such as the International Monetary Fund, Chavez said ahead of a meeting here Sunday with Chinese President Hu Jintao.

"All the petroleum that China may need to consolidate itself as a great power is here," Chavez said, adding that the Asian country will become "the No. 1 great world power".

Source: Economic Times