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31 March 2009

Chavez to seek Arab backing for 'petro-currency'

from USA Today

Venezuelan President Hugo Chavez sought Arab support Tuesday for his idea of a new oil-backed currency to challenge the U.S. dollar at a twin-region summit whose agenda focuses on trade issue but also touches on Arab worries about rival Iran's growing influence in Latin America.

It's highly unlikely Chavez will gain any serious momentum for his "petro-currency" proposals from key oil-producing members of the Arab League such as Saudi Arabia and Gulf states, which have close ties to Washington.

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