Iran, Venezuela launch joint development bank

[Magda Hassan]

And what infantile behavior by the US Treasury* in banning its citizens from any dealings with the Iranian Export Development Bank.

It is a real pain too. Having had dealings in sending money to Cuba I can see how they will work this one. David may be able to explain it more clearly. Somehow, sending money, Australian dollars changed into Euros, from Australia to Cuba from an Australian bank, Westpac, it got confiscated by the US State Department or Treasury I can't recall now. You would think it would go direct to Cuba or where ever you want to send the money but it seems it works a bit like the internet in that your money can travel around the world a bit before it reaches its destination. Somehow, it passed through some sort of US jurisdiction somewhere, not necessarily the continental US, maybe a US bank system outside, so they felt entitled to keep the money. Wespac eventually got it back for us after many months but they don't send money to Cuba anymore as a result. So even though Australia doesn't have sanctions/embargo against Cuba and the US does in effect we do because the US makes it impossible. I imagine it will be the same or similar for this bank and people wanting to deal with it.

I agree with you Mark that Chavez is a great hope to many (and great fear to a few) He and other Latin American leaders are establishing the ALBA bank. It is meant to be a development bank, an alternative the IMF and World Bank, as they don't insist on 'structural adjustments' and there will be no compound interest payments just payments and some fees or a percentage of loan.