The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Friday, September 21, 2007

Ecuador's Correa Opts for South Banking

Buenos Aires, Sep 20 (Prensa Latina) Ecuadorian President Rafael Correa asserted in Buenos Aires on Thursday that a new regional financial bond for Latin America is necessary to replace the current international credit institutions.

We should build a new regional financial structure, independent of the international organizations, Correa told press before meeting Argentine President Nestor Kirchner at the Casa Rosada to sign several bilateral agreements.

Correa called the International Monetary Fund and the World Bank: neoliberal actors, which design and dominate the economic policies of the subcontinent's nations.

We must overcome that sad history of Latin America, the last 20 years have been disgraceful and terrible, and we have other models, he said.

He spoke in favor of the project of the Bank of the South and a South American Reserve Bank, authorities similar to the IMF and the WB, "with a development logic and new financial logic that "should serve as protection against crises in our countries."

The Ecuadorian head of State is fulfilling the second and last day of a short official visit to Argentina.

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