Venezuelan President Hugo Chavez is in Tehran for his sixth visit. He’s meeting President Ahmadinejad to draw up a ten-year plan of cooperation between the two nations.

The Iranian president said the two men were forming a “common revolutionary front in the world”. They will seal the deal in a signing ceremony, which will also set up an Iran-Venezuelan bank, backed by the countries’ oil and gas revenues. Chavez says each country will be putting 100 million dollars into the bank as start-up capital. “The big banks of the world have sunk, but here a new bank is being born,” he said. Chavez is something of a hero figure to many in the Middle East for his outspoken anti-Americanism. He says he holds out little hope for any change with President Obama in the White House, as Obama has a “yankee empire behind him.” He also condemned US policy in the Middle East as “a policy of permanent aggression, of war, and of terrorism.”More about: Iran

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