VI ALBA Summit in Caracas (updated III)

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VI ALBA Summit in Caracas (updated)

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Caracas, 26 January 2008. Venezuelan President Hugo Chavez inaugurated the VI Summit of the Bolivarian Alternative for the Americas, ALBA, at Caracas. ALBA is an International Cooperation organization which promotes an alternatve to the FTAA initiative by the US. Presidents of Bolivia,  and Nicaraguaattended the summit. The summit was also attended by high representatvies of Cuba,Ecuador, Haiti, Honduras,Uuguay, Antigua and Barbuda, Saint Vincent and the Grenadines and Saint Kitts Nevis, Dominica, France and Iran. 

During inauguration, Dominica was formally accepted a new ALBA member. It had expressed it desire to join ALBA just few weeks ago. During his intervention at the Summit, Nicaraguan President Daniel Ortega warned industrialised countries on the continuation of their capitalist model of production. Ortega stated it has caused enormous pollution and harm to people and the environment. On the other hand and warning over a US economy crisis, President Chavez asked ALBA members to consider withdrawing their foreign international reserves from US dollars deposits at American banks.

Prior to the Summit, there was a gathering on its banking institution. According to El Universal "the Bank of the Bolivarian Alternative for the Americas (ALBA) is likely to have a paid capital of USD 1 billion to be provided by its four member countries (Bolivia, Cuba, Nicaragua, and Venezuela) in proportions and terms yet to be defined". For Cuban Gramma, "in the face of international financial turbulence, the ALBA Bank guarantees stability and sustainability". According to Venezuelanalysis, Unlike other financial institutions such as the World Bank or the IMF, the Bank of ALBA will not impose loan conditions and will function based on consensus of all members.

PS: In a most unusual move, Jacques Lang, a French opposition MP intervened at the summit. Lang congratulated Venezuela for its humanitarian role with the Colombian hostages.  He also criticised the Bush Administration. This intervention by a Socialist MP who is not part of the current French Conservative governement has been perceived as a faux pas at the Summit. The Venezuelan goverment would have very little manouvering space to prevent opposition members from interveninig in other regional summits.

At the conclusion ceremony of the ALBA summit, seven political declarations were penned. A declaration backing Bolivia stand against world soccer federation (FIFA) was also backed.  President Chavez signed the Hondura´s membership application to Petrocaribe S.A. President of Honduras, Manuel Zelaya Rosales hailed the approval. Petrocaribe member States had approved the application membership  on December 20, 2007. On Thursday 24 January 2008, the Parliament of Honduras authorised the negotiations to join Petrocaribe.  Under this Petrocaribe scheme, member states can buy Venezuelan oil at market price. However, a little up front amount is demanded at that moment. The remaining debt can be paid within a 25 year period at 1% interest rate. The approved application now needs to be discussed at Hondura´s Parliament as off Monday 28 January 2008.

At the summit a new kind of joint venture for energy production and security but with social concerns was created. This socialist oil joint venture was called "grannacional" as opposed to multiantional companies which usually evolve in capitalist markets.

On Sunday, 27 January 2007 and during TV show Alo Presidente, Venezuelan President Hugo Chavez said US pressure prevented other countries in the region to join ALBA. He also called for the conformation of an ALBA military alliance or council against any imperialist attack from US. The enemy is the same, he added. President Daniel Ortega from Nicaragua took part in the TV show too.  

Sources: ALBA, El Universal, Globovision, VTV, Gramma, Telesur, Prinside, Prensa Latina, RNV, El Heraldo, La tribuna,  La Prensa, China View, La Razon, eldeber.com, correo del sur, ABI, BBC, Venezuelanalysis.