Chavez says Venezuela to buy up to $1 billion in Argentine bonds, calls Bush a threat

Venezuelan President Hugo Chavez said his government hopes to buy as much as $1 billion (Ђ820 million) in Argentine bonds and called U.S. President George W. Bush a danger to the world Thursday as he arrived for the U.N. summit in New York.

Chavez, whose comments were carried by Venezuelan state television, said his plan to buy more Argentine debt is part of an effort for Latin America to turn away from "imperialist" U.S.-backed institutions like the International Monetary Fund.

"We have the intention, hopefully, to reach up to $1 billion soon," in purchases of Argentine debt, Chavez told reporters before meeting Argentine President Nestor Kirchner on the sidelines of the U.N. summit.

Venezuela has already bought $500 million (Ђ409 million) in Argentine bonds this year in what Chavez describes as an effort to foster economic integration among South American countries, AP reported.