China Bankrolls Chavez With Loans for Oil

China Bankrolls Chavez With Loans for Oil Play

Sept. 25 (Bloomberg) -- Since 2007, the China Development Bank, or CDB, has lent Venezuela $42.5 billion collateralized by revenue from the world’s largest oil reserves, according to a Bloomberg compilation of deals announced by the Chavez government. The loans are fueling a surge in spending as Chavez hands out homes to the poor, stocks “socialist” supermarkets with appliances and builds a cross-country railroad, all aimed at winning votes next month in his toughest election battle ever. (Source: Bloomberg)

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