Latin American leftist leaders propose joint monetary zone
27/11/2008 16:27
A group of Latin American leftist leaders have proposed setting up a joint
monetary zone following their meeting in Caracas yesterday to discuss the world
financial crisis.
During the one-day meeting of the Bolivarian Alternative
for the Americas (ALBA), the presidents of Venezuela, Nicaragua, Bolivia,
Honduras and Ecuador discussed possible solutions to the current financial
crisis.
Venezuelan President Hugo Chavez proposed the creation of a joint
monetary zone to replace the US dollar. "We're going to create a (joint)
monetary zone...We're not going to wait for the International Monetary Fund and
the World bank to solve our problems with our arms crossed," he said at the
start of the meeting.
The ALBA trade alliance, set up by Cuba and Venezuela
in 2004 as a fair trade alternative to US-backed free trade policies, includes
Bolivia, Nicaragua, Honduras and the Caribbean island of Dominica.
Xinhua
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