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´Neoliberal´ Bailout Plans Criticized at Globalization Congress

CUBA, March 5, 2009. Arturo Molina, professor at the Higher Institute of Foreign Affairs (ISRI), today described United States and European bailout plans implemented to confront the economic crisis as ¨neo-liberal.¨

Molina delivered a keynote speech on the current US financial crisis and its probable impact on Latin America, at a commission of the 9th International Meeting of Economists on Globalization and Development Problems underway at the Conventions Palace in this capital.

The Cuban professor explained that as the Barack Obama administration’s program consists of bailing out failing banks without intervening in them, they will continue speculating, and he questioned the rationale of continuing to export the US inflation resulting from the current crisis.

¨The increase of US indebtedness will make countries reject an international financial system based on the US dollar, the main factor contributing to the world crisis and generalized inflation,¨ pointed out the Cuban expert.

“What could happen in Latin America if we don’t resist? The United States will continue exporting their inflated prices to their neo-colonial system,” said Molina.

He also explained that many countries in the region export food to the North, and their distorted economies and situation in the world market sets them up to import inflation.

The creation of ALBA and the Bank of the South is an important step to ensure the economic and social development of Latin American and the Caribbean countries. “They are financial tools to eliminate dependence on external indebtedness and the conditions imposed by international entities,” concluded Molina. (Cubaminrex - ACN)

 

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