Venezuelan President Hugo Chávez proposed the creation of a regional monetary bloc with its own currency to break the hegemony of the U.S. dollar and U.S.-dominated international financial institutions.
Chávez suggested that the name of the currency be the Sucre, in honor of Antonio José de Sucre, a South American independence hero. SUCRE also stands for Unified Regional Compensation System, translated from Spanish.
Chávez also said the ALBA member countries must construct their own solutions to the world financial, food, and ecological crises. “We are not going to wait here with our arms crossed for the World Bank or the International Monetary Fund (IMF) to come and solve the problems for us,” said Chávez. “We have things to say, the South also exists.”
“We will leave the Inter-American Development Bank and we will make our own bank, a bank that we ourselves manage,” said Chávez. “Can anyone imagine that the solution will come from Washington, from those who generated the crisis?”
Venezuela has also offered Nicaragua $100 million in aid if the U.S. and European Union cut off funding over disputed elections. Nicaraguan President Daniel Ortega Ortega says his leftist ally Venezuelan President Hugo Chavez made the offer last week "without blackmail, without conditions of any sort."