Venezuelan leader Hugo Chavez has made a major national investment by purchasing debt bonds from Ecuador, Paraguay, and Argentina, to the tune of 2.9 billion USD. In the first 14 months of his administration, Chavez has bought and resold hundred of millions of dollars in debt bonds from various struggling South American nations. Argentina, for example, was facing the maturing of 3.87 million USD in debt bonds before Chavez bought them up. The purchase of half of Ecuador’s 750 million USD in debt bonds allowed Ecuador to return to international finance markets following a debt default. Chavez’s investments in South American debt are expected to grow exponentially in the next few months, as both Bolivia and Costa Rica are among the nations that have requested Chavez purchase debt bonds from them. ■
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