Word: petromoney
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Dates: during 1975-1975
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Last year Pérez began to put half of the country's oil revenues into the Venezuelan Investment Fund, which lends and invests abroad. Local critics contend that more petromoney should be spent to improve the living conditions of the country's poor. But the investment fund goes a long way toward fulfilling one of Pérez's principal objectives: to offer other Latin nations an alternative to Washington's leadership. Venezuela has pledged $50 million to an incipient cartel of five Latin American nations. The loan is to enable them to cut coffee...
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