QUITO.— Ecuadorian President Rafael Correa said Wednesday that it is absurd for Latin American countries to finance development in the wealthy industrialized countries by depositing billions of dollars of their reserves in US and European banks.
Correa supported the initiative of his Venezuelan counterpart Hugo Chavez to create a Bank of the South, calling it crucial to Latin American integration, reported AP.
Speaking on TC television, Correa assured that Latin America has around 200 billion dollars of monetary reserves invested outside the region, mostly in the industrialized nations.
“It is ridiculous that we finance the First World. We give them our resources and then go down on our hands and knees, or at least they want us to do so, in order for the International Monetary Fund (IMF) and the World Bank to loan us a pittance when they want to.”
Correa added that the new way to subjugate any country isn’t with aircraft carriers or bombers, but with dollars, “Accept such and such or I won’t give you any money.”
The Ecuadorian leader highlighted that the Bank of the South, which has the support of Ecuador, Argentina, Brazil, Uruguay and Venezuela, seeks to establish a large common fund, which will serve to deal with fiscal crisis, external crisis and to avoid extra-regional indebtedness.
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