| | |  Americas & Beyond | December 2008 
Latin America Leaders Agree to Create Joint Monetary Zone
 AFP
go to original
| | Venezuelan President Hugo Chavez | |
Caracas - Leftist Latin American leaders agreed Wednesday to create a joint monetary zone to confront the international financial crisis and reduce dollar dependency, at a one-day meeting here.
Venezuelan President Hugo Chavez and the leaders of Bolivia, Nicaragua, Honduras, Ecuador and Dominica met under the umbrella of the ALBA trade alliance, set up by Cuba and Venezuela in 2004 as an alternative to U.S.-backed free trade policies.
"We're not going to wait for the International Monetary Fund (IMF) and the World Bank to solve our problems with our arms crossed," Chavez said.
The anti-U.S. leader urged Latin American and Caribbean allies to stop seeking loans from the Inter-American Development Bank, based in Washington, and to create their own regional bank as an alternative.
Ecuador's President Rafael Correa, a former economist, proposed the new bank, as well as a joint system of common reserves for Latin America, and a regional monetary system, which could begin with an electronic currency.
"I propose that this future currency be called sucre," Chavez said, creating an acronym for Unified System of Regional Compensation.
(Excerpt) Read more at fxstreet.com |
|
| |
Vallarta Weddings
Tell a Friend
Site Map
Print this Page
Email Us