Leftist Latin American leaders Drop Dollar, Agree on New Currency …

Published on Atlas Shrugs, by Pamela Geller, October 17, 2009.

COCHABAMBA, Bolivia — Leftist Latin American leaders have agreed on the creation of a regional currency to scale back on the use of the US dollar as well as economic sanctions against Honduran coup leaders.

Nine countries of ALBA, a leftist bloc conceived by Venezuelan President Hugo Chavez, met Friday in Bolivia where they vowed to press ahead with a new currency for intra-regional trade to replace the US dollar.

“The document is approved,” said Bolivia’s President Evo Morales, who is hosting the summit. 

The new currency, named the Sucre after Jose Antonio de Sucre, who fought for independence from Spain alongside Venezuelan hero Simon Bolivar in the early 19th century, will be rolled out beginning in 2010 in a non-paper form.

ALBA’s member states are Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent and Antigua and Barbuda.

In a resolution on Honduras, members of the group agreed “to apply economic and commercial sanctions against the regime that came to power as a result of a coup.”

They also urged the United Nations to send a representative to Honduras to ensure “the inviolability of the Brazilian diplomatic mission as well as security and adequate humanitarian conditions for the stay there of president Manuel Zelaya” … (full text).

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