Thursday, November 27, 2008

Chavez Proposes Creation of a Common Monetary Zone

Venezuela’s President Hugo Chavez announced today a proposal related to the creation of a common “monetary zone” for the member countries of the Bolivarian Alternative for the Americas (ALBA), when receiving representatives of the regional integration group and Ecuador’s president at the Miraflores Palace.

According to a TeleSUR report, the Venezuelan leader has summoned an ALBA-
Free Trade Treaty for the Peoples summit to address the world financial crises “from the south.” Presidents Evo Morales (Bolivia), Daniel Ortega (Nicaragua) and Manuel Zelaya (Honduras) are already in Venezuela for the meeting, while Ecuadorian President Rafael Correa was asked to participate as an observer.

Cuba’s Vice President Ricardo Cabrisas and Dominica’s Prime Minister Roosevelt Skerrit will attend representing their respective countries.

Speaking on the staircase of the presidential palace, where Chavez welcomed the participants to the summit, the Venezuelan president said he had already talked with Correa about one of the issues to be discussed at the meeting in reference to his initiative of creating a monetary zone, TeleSUR reported.

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