Venezuela quits IMF and World Bank

I just had to share this story, Hugo boy makes my day everytime. Here are snipts of the Guardian article.

The Venezuelan president, Hugo Chávez, today severed ties with the World Bank and the International Monetary Fund. In doing so he distanced Caracas further from what he described as Washington-dominated institutions.

The populist leader, (popular indeed, i would vote for him if i could) who took office pledging to pursue radical political reform and an economic "third way", said yesterday that Venezuela no longer needed institutions "dominated by US imperialism". (true true)

Venezuela has been loosening its ties to the IMF and the World Bank since Mr Chávez took office in 1999. Venezuela recently repaid its debts to the World Bank five years ahead of schedule. In doing so it saved $8m (£3.99m) and cleared all its debts to the IMF shortly after Mr Chávez was elected. ( Can you imagine the positive effect this would have on the world if every country followed suite)

Mr Chávez said the takeover marked the end of an era of Washington-dictated policies and returned Venezuelan resources to national control.
"The wheel has turned full circle," he said. (way to put it Hugo, now lets just replicate this world wide)