Iran and Venezuela have announced plans to form a common bank to invest in economic development projects between the two countries. Each country will kick in $600 million for the initial capitalization. Venezuelan President Hugo Chavez suggested this cooperation on economic development has other benefits as well. "The two countries' cooperation has turned into a great unity between the Iranian and Venezuelan nations and this annoys the U.S. imperialism," he said.

Venezuela is not the only country Iran struck deals with in recent days. Tehran has been in negotiations with Switzerland to construct a pipeline to supply Iranian gas to Europe. The $40 billion Euro project will start in 2009. The news follows a recently announced pipeline project between India and Iran .

Russia and Syria held discussions this week about establishing greater cooperation between the two nation's militaries. Russia's Kommersant newspaper reported Damascus has agreed to purchase missile systems, aircraft and submarines from Moscow, among other military equipment and technology. Syria remains closely linked, of course, to Hezbollah and Iran.

Back in the Western Hemisphere, Interpol has verified the authenticity of computer files found in Ecuador during a cross-border raid by Columbian troops. The files provide evidence that links Hugo Chavez to the leftist guerilla group FARC, classified by the U.S. government as a terrorist organization. The Colombian government says the files prove Chavez has maintained ties with the rebels. "President Chavez has a lot of explaining to do," White House drug czar John Walters told Colombian newspaper El Tiempo . "They were fluid contacts from both sides. This is a group that wants to violently overthrow a democratic government. This is very serious and requires more than just a simple denial."