Chavez Urges Withdrawals From U.S. Banks
By IAN JAMES,
AP
Posted: 2008-01-26 13:22:20
CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez urged his Latin
American allies on Saturday to begin withdrawing billions of dollars in
international reserves from U.S. banks, warning of a looming U.S. economic crisis.
Chavez made the suggestion as he hosted a summit aimed at boosting Latin
American integration and rolling back U.S. influence.
"We should start to bring our reserves here," Chavez said. "Why does that
money have to be in the north? ... You can't put all your eggs in one basket."
Chavez noted that U.S. Secretary of State Condoleezza Rice visited Colombia
in recent days, saying "that has to do with this summit."
"The empire doesn't accept alternatives," Chavez told the gathering,
attended by the presidents of Bolivia and Nicaragua and Cuban Vice President Carlos
Lage.
Chavez warned that U.S. "imperialism is entering into a crisis that can
affect all of us" and said Latin America "will save itself alone."
To help pool resources within the region, Chavez and other leaders were
setting up a new development bank at the summit of the Bolivarian Alternative for
the Nations of Our America, or ALBA.
The left-leaning regional trade alliance first proposed by Chavez is
intended to offer an alternative, socialist path to integration while snubbing
U.S.-backed free-trade deals.
Nicaraguan President Daniel Ortega joined Chavez in his criticism of
U.S.-style capitalism, saying "the dictatorship of global capitalism ... has lost
control." Three days earlier, Ortega had shouted "Long live the U.S.
government" as he inaugurated an American-financed section of highway in his country.
On Saturday, Chavez welcomed the Caribbean island of Dominica into ALBA,
joining Nicaragua, Bolivia and Cuba. Attending as observers were the prime
ministers of Antigua and Barbuda and St. Vincent and the Grenadines, along with
officials from Ecuador, Honduras, Haiti and St. Kitts and Nevis.
The ALBA Bank is to be started with $1 billion to US$1.5 billion of capital,
Venezuelan Finance Minister Rafael Isea said Friday, according to the
state-run Bolivarian News Agency.
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