Source: The Australian

VENEZUELAN President Hugo Chavez has announced Venezuela will quit the World Bank and the International Monetary Fund.

The practical impact of the move is unclear. But withdrawing from the world's two premier financial institutions, which have been associated since World War II with US economic policies, would send a powerful political statement.

It also might embolden activists throughout the world who are opposed to privatisation and fiscal austerity, two courses that the institutions often require of economically troubled nations.

It was unclear how much money the World Bank and the IMF would have to hand over to Caracas.

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Posted by pichu at May 2, 2007 9:53 AM