Chávez said that it is useless to wait for others to solve the problems caused by the financial crisis in Latin America
In the context of the arrival of the presidents and guests to the summit of the Bolivarian Alternative for the Americas (ALBA), Venezuela's President Hugo Chávez announced that he will submit the proposal of his Ecuadorian counterpart Rafael Correa to create a new currency area. Chávez said that it is useless to wait for others to solve the problems caused by the financial crisis in Latin America.
"We are going to create a monetary area in the ALBA. We are not going to wait, just sitting around, that the so-called International Monetary Fund and the World Bank come to solve our problems, especially the great threat to the world that has been unleashed, that is the great crisis of the century, the economic, financial and food crisis," said Chávez.
Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.