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Venezuela Deep in Debt to China...No Problem...China have Solution...Close to USA... *PIC*

One can only speculate as to whether Venezuela's debt to China was an act of desperation on Chavez's part, very clever manipulation on China's part or conspiring together against the U.S. for the coming invasion. Whichever it is, I'm sure China will be most happy to forgive any debt by Venezuela in exchange for using that country as a military staging ground...

Venezuela Entangled By Oil Debt


If the historical theory that Ming dynasty admiral Zheng He reached the Americas in 1421 more than 70 years ahead of Christopher Columbus is proved, it equally might not be wrong to venture the forecast that in a few years China could be in charge of Venezuela’s oil production, as well as its leading creditor.

Especially if Caracas is unable to honour its debt of 48 billion dollars, the product of various loans from Beijing.

This would thus be the Asian giant’s second disembarkment in the Americas but not for spices and precious metals as in the 15th century but for commodities to satiate the powerhouse’s hunger for minerals and oil. They’ve come to the right place — according to the latest OPEC report, Venezuela has 211.17 billion barrels of proven reserves (the largest in the subcontinent) and the PDVSA state oil company is one of the world’s five leading oil producers.

Another Chinese conquest, then, or, as the Venezuelan opposition would call it, a Hugo Chávez "sellout" to Beijing — or, to quote Shakespeare’s Othello: "Put money in thy purse." But the figures in play are certainly stunning. On one side, the motor driving the Asian dragon needs 9.2 million barrels per day to feed, of which the Chinese produce barely 42 percent. Until now 47 percent of oil imports have come from the Middle East but the geometric increase in consumption (in 2003 China managed on 5.5 million barrels per day, thus implying a rise of 67 percent in seven years) has obliged the Hu Jintao government to seek alternative suppliers...

..."the legal insecurity and nationalization policies of Chávez have condemned Venezuela to the single-stakeholder financing which China offers."

Of every 100 dollars which Venezuela exports, 95 come from crude oil. With an inflation estimated at 45 percent for this year, a second-quarter economic contraction of 3.5 percent and a 16.3 percent fall in oil exports over the same period, Venezuela’s oil is a blessing but can also be a curse — much more now that it is in hock to China...


Venezuela Entangled By Oil Debt


LINK to Related Article:

Chinese Military On Rise In Latin America

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