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• 11 / 29 / 2008

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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 Summit 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)