Weapons sales are on the rise in Latin America

Whether it's called an "arms race" or a "coincidental modernization" of existing stocks, a wave of weapons purchases by Latin American nations is causing neighbors to watch each other with growing mistrust and fear.

Brazil says it must protect its new-found oil and gas riches. Venezuela says the U.S. military might attack it. Colombia is worried by Venezuela, Ecuador is watching Colombia and Paraguay is keeping an eye on Bolivia.

There's no question that weapons sales around the region are soaring. They almost doubled in just five years, from $24 billion in 2003 to $47 billion last year, according to one report by Colombian analyst Javier Loaiza. Others put the 2008 total at $60 billion.



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