Friday, March 22, 2019

US- China games in the Inter American Development Bank

In 2008, US tried to block the entry of China in Inter American Development Bank and blackballed for over a year. But China succeeded in forcing its way by rallying the Latin Americans behind and became member in 2009. This was mainly due to Lula, Cristina, Chavez and other leftist presidents who had swept to power in the region in the first decade of this century and defied US successfully many times.
China has started using the IADB funds for its project contracts in the region over and above its own direct investment and credit.

Last year, when the Chinese requested the Bank to to hold its 2019 annual meeting in Chengdu, US tried again its best to stop this. The Chinese won this round too and the meeting is to be held next week. This was possible because the Latinos realised that China has given 150 billion dollars of credit to Latin America in the last decade. This is more than the combined credit of IADB, World bank and US Eximbank together.
Earlier this month, the US had forced the Bank to recognise the so-called Guaido's presidency. Guaido does not have a government, central bank or finance ministry. Recognition of his presidency is not legal according to the charter of the Bank. But US bullied and broke the rule and got the bank to recognise Guaido.
Now the US is trying to sabotage the meeting in China by insisting that the Guaido presidency should be represented in the meeting and not the Maduro government. Logical..since Guaido has got the Bank recognition.
But China has given over 50 bilion dollars of credit to Maduro's regime and need to protect its interests.
This time there is no Lula or Chavez who could stand upto US and support China.
Will China lose this round? China is trying a smart argument that the Bank meeting should not be politicised. They propose that neither Maduro nor Guaido should be invited. But Bolsonaro is more anti-Maduro than Trump and does not mind even military intervention of US. He even made an unprecedented visit to CIA heaquarters during his visit to US last week.
Finally, the US- China match in InterAmerican development bank has ended in a 1-1 draw. US scored one goal cancelling the China meeting. China scored by rejecting Guaido representation. on.. to the next round...

Venezuela beats Messi's Argentine team by 3-1.. Bravo... something to celebrate ..amidst the Venezulean misery and chaos for my pobrecitos amigos Venezuelanos..