Chavez to Propose Currency Tied to Oil
March 31st, 2009 | Published in Uncategorized
By THE ASSOCIATED PRESS - March 31 - DOHA, Qatar (AP) – Venezuelan President Hugo Chavez sought Arab support Tuesday for a proposed oil-backed currency to challenge the U.S. dollar in his latest swipe at Washington’s dominance in global financial affairs.
It’s highly unlikely Chavez will gain any serious momentum for his ”petro-currency” proposal at a summit of South American and Arab League leaders, but it represented another attempt to undercut the dollar’s standing as the world’s leading commercial currency.
China has struck deals — most recently this week with Argentina — to conduct trade in currencies other than the dollar. Iran has proposed replacing the dollar with the euro or other currencies to set worldwide oil prices.
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