Venezuelan President Hugo Chavez has declared an all-out war on the banksters. First he repatriates all of Venezuela's gold, now he states he will not recognize the World Bank ruling in this Exxon case.
Talk about balls of steel.
Venezuelan President Hugo Chavez said on Sunday that his country would not recognize any ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil Corp.
Exxon took Venezuela to the World Bank’s International Center for Settlement of Investment Disputes, or ICSID, seeking as much as $12 billion in compensation after Chavez ordered the nationalization of the Cerro Negro oil project in 2007.
“I tell you now: we will not recognize any decision by ICSID,” Chavez said during a televised speech. He has repeatedly accused the U.S. oil major of using unfair deals in the past to “rob” the South American OPEC member of its resources.
“They are immoral … How much could they steal in 50 years? Who would dare launch this madness without any foundation? They wanted $12 billion. From where, compadre?” he said.
“We are not going to bow before imperialism and its tentacles, understand that … They are trying the impossible: to get us to pay them. We are not going to pay them anything.”