ALBA to Establish Common Currency Called "Sucre" Plus Cuba Calls for New World Financial Structure

[magbana]

JUVENTUD REBELDE

ALBA Countries To Establish Common Currency Named Sucre
The proposal to create a common currency area was approved on
Wednesday by all members of the Bolivarian Alternative of the Americas
(ALBA) and Ecuador, as a response to the current world economic crisis.

2008-11-28 | 12:48:52 EST
Photo: GoogleZoom

http://www.juventudrebelde.co.cu/international/2008-11-28/
alba-countries-
to-establish-common-currency-named-sucre/

The proposal to create a common currency area was approved on
Wednesday by all members of the Bolivarian Alternative of the Americas
(ALBA) and Ecuador, as a response to the current world economic crisis.

On December this year, ALBA member countries will meet again to
approve the technical details of the introduction of the new currency
that was named SUCRE (Unique System for Regional Compensation).

On the final statement of the 3rd Extraordinary ALBA Summit, the
countries involved on the integration program reaffirmed their
willingness to eliminate the use of dollars in foreign trade
transactions and agreed to create a common monetary zone and a
compensation fund as a backup for development investments. The fund
will be made up with contributions from member countries, PL reported.

The 3rd Extraordinary ALBA Summi t was summoned to evaluate the current
global financial crisis from the perspective of the South countries.

Attending the meeting were presidents Evo Morales (Bolivia), Manuel
Zelaya (Honduras), Daniel Ortega (Nicaragua); Cuba's Vice President of
the Council of Ministers Ricardo Cabrisas and Dominica's Prime
Minister Roosevelt Skerrit. Ecuador's president, Rafael Correa
participated as an observer. (acn)

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Cuba: UN Must Negotiate New World Financial Structure

HAVANA, Cuba, Dec 1 (acn) Cuba says that the United Nation must
urgently lead negotiations to set up a new world financial structure
that represents all UN member nations on equal grounds.

Cuban Finance and Prices Minister Georgina Barreiro, said in the
Qatari capital Doha that her country supports the holding of a summit
in the context of the UN, which represents all member nations and
hears all their views, PL news reported.

Barreiro addressed participants at the International Conference on
Financing for Development, underway in Doha, to follow up on the
implementation of the Monterrey Consensus reached in Mexico in 2002.

The international community “has the responsibility and the historic
opportunity to re -establish the international financial system on a
truly democratic basis…This reform can and should not be carried out
by a select group of rich countries with restrictive and exclusive
policies,” Barreiro said.

She added that the current situation demands that the UN defend and
promote the peoples’ right to development, and lead the fight against
inequity.

Barreiro said that the “realistic and sustainable solutions” put
forth at the Monterrey Conference to meet the Millennium Development
Goals have continued to be put off. She further noted that Cuba
continues to offer the world an alternative of viable development,
despite the enormous limitations due to the nearly half-century US
economic, commercial and financial blockade.

[Judi Lynn]

1. Good to hear more about the new currency. "Sucre!" Thanks, magbana.