CARACAS, Wednesday November 26, 2008 | Update
The Venezuelan ruler took the idea from his Ecuadorian counterpart Rafael Correa (Photo: Harold Escalona / EFE)
Politics
In the context of the arrival of the presidents and guests
to the summit of the Bolivarian Alternative for the Americas
(ALBA), Venezuela's President Hugo Chávez announced that
he will submit the proposal of his Ecuadorian counterpart
Rafael Correa to create a new currency area. Chávez said
that it is useless to wait for others to solve the problems
caused by the financial crisis in Latin America.
"We are going to create a monetary area in the ALBA. We are
not going to wait, just sitting around, that the so-called
International Monetary Fund and the World Bank come to solve
our problems, especially the great threat to the world that
has been unleashed, that is the great crisis of the century,
the economic, financial and food crisis," said Chávez.
05:09 PM. Economy. If any country has cashed in on the Bolivarian revolution, that is Brazil, particularly the private companies of the southern neighbor. Over the past five years, it has been awarded contracts for works to be carried out in Venezuela for over USD 14 billion. This puts it as the first recipient of government-to-government contracts, that is, without bidding, since Hugo Chávez took office.