Chavez Calls to the Creation of a Latin American Coinage

Hugo Chavez

Today the Venezuelan president, Hugo Chavez, called the countries of Latin America to united in order to create a coinage to battle the “dictatorship of the dollar” and its weakness. The chief executive proposed the use of Unique System of Regional Compensation (Sucre for its Spanish acronyms).

Chavez said that they are making the proposal for the coinage, but they cannot do it alone. Among the countries called are Ecuador, Cuba and Bolivia. The Venezuelan leader warned that the dollar is worth less and less everyday. Chavez defended the Libyan dictator Muammar Gadhafi, saying the he was trying to unify the African lands so they could also create a regional coinage.

Alianza Bolivariana para las Américas (ALBA for its Spanish acronym) stated that they are moving forward with firm steps, and several agreements have been made with their own banks for “the economic unity.” (AV)