President Chavez of Venezuela and President Lula of BrazilFor the complete report from Press TV click on this link
Venezuela aid to Latin America greater than U.S.
Venezuelan President Hugo Chavez says his country's financial aid to Latin America has surpassed that of Washington. ``Venezuela, as modest as it is, is helping Latin America much more than the United States,'' Chavez said on Wednesday in a radio address. His comments follow a tour by U.S. President George W. Bush in the region, which was widely seen as an initiative to hold back Chavez' spreading influence.
For the first time Chavez provided the estimated value of oil contracts with 17 Caribbean and Latin American countries. According to Chavez, the country is currently exporting some 200,000 barrels of oil per day, allowing recipients to settle part of the bill in non-cash payments like nutmeg and bananas.
Calculated at an average oil price of U.S.$60 a barrel, because much of it includes more costly refined products than crude, the number amounts to U.S.$4.8 million a day in financial assistance solely through oil shipments.
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