Venezuela to Buy $1B in Argentina Bonds

[Judi Lynn]

November 01, 2005 03:56 PM ET
Venezuela to Buy $1B in Argentina

All Associated Press NewsCARACAS, Venezuela (AP) - Venezuela plans to buy a total of US$1 billion (euro830 million) in Argentine bonds before the end of the year, Venezuela's finance minister said Tuesday.

Finance Minister Nelson Merentes said Venezuela has bought US$950 million (euro791.14 million) in Argentine debt so far this year, and will make an additional US$50 million (euro41.64 million) purchase before Dec. 31.

The debt purchases are part of an ongoing initiative by President Hugo Chavez to foster a more cohesive and stronger financial system in South America, Merentes said.

Venezuela is looking at the possibility of buying debt from various other South American nations, including Ecuador, as it seeks to expand investments in the region.
(snip/...)

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20051101&ID=5242979

[lapfog_1]

1. Must be nice to have petro-dollars...

soon to be petro-yen or petro-euros.