ALBA member states plan new currency

2009-10-18 11:44 BJT

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A meeting of the Bolivarian Alternative for the Americas, or ALBA, has announced plans to create a new single currency to replace the US dollar. The organization's 7th Summit has concluded with an aim to stop using the greenback for trade between member states next year.

ALBA groups Bolivia, Cuba, Ecuador, Nicaragua, Venezuela and other regional governments. A Russian delegation also attended the two-day meeting. Leaders announced a plan to eventually create a single regional currency, the SUCRE.

They also decided to explore creating state-sponsored food and mining multinationals.

The summit also touch the Honduras issue. The ousted Honduran Foreign Minister called on the Organization of American States to implement new measures to increase pressure on the de facto government of Honduras to end the political crisis.

People carrying flags attend the ALBA summit at a stadium in Cochabamba October 17, 2009.(REUTERS/Stringer)
People carrying flags attend the ALBA summit at a stadium in 
Cochabamba October 17, 2009.(REUTERS/Stringer)