Group items tagged

The G77+ China and the Community of States of Latin America and the Caribbean (CELAC) are the latest multilateral blocs to join the international outcry against President Obama's executive order in early March labeling Venezuela "an unusual and extraordinary threat". On Wednesday, the organization representing 134 nations of the global South voiced its blanket rejection of the White House decree and called for its immediate repeal in accordance with "international principles of respect for sovereignty and national determination". The group went on to express solidarity with Venezuela, recognizing the Bolivarian nation's contributions to "South-South cooperation". The 33 nations comprising the CELAC also condemned this Thursday the "unilateral coercive measures" taken by the Obama administration, which it described as "contrary to international law", calling for dialogue between the two nations based on "principles of respect for sovereignty and noninterference in the internal affairs of other states". in the internal affairs of other states".

The statement by the G77 follows similar proclamations issued by UNASUR, ALBA, and the Non-Aligned Movement last week, which have likewise condemned the Obama administration for its aggressive unilatral actions and urged dialogue between the two nations.

The Ecuadorian foreign minister announced yesterday that his nation might skip the upcoming Summit of the Americas in Panama this April in protest over recent U.S. actions.On Wednesday, Ricardo Patiño indicated that President Correa might boycott the summit, which is to be attended by Barack Obama, in response to Assistant Secretary of State for Western Hemisphere Affairs Roberta Jacobson provocative comments regarding the alleged need for more funds to promote "human rights" in "Venezuela, Ecuador, and Nicaragua.”

Argentina's central bank head Juan Carlos Fabrega met with Chinese officials on Sunday to nut out the details of a currency swap that could relieve pressure on Buenos Aires. The deal is part of a US$11 billion Chinese loan secured by the Argentine government in July. The first billion dollar delivery of Chinese yuan is expected to be handed to Argentina by the end of the year, according to newspaper La Nacion. Argentina could use the yuan to buff up its international reserves, by Chinese goods or convert the cash to dollars. The Latin American nation's foreign currency reserves are currently sitting at a seven year low. Argentina is locked in a bitter dispute with a handful of U.S. investment funds, who have refused to accept a controversial bond swap offered by Beunos Aires following Argentina's 2002 default.

“During the meeting, the head of the People's Bank of China conveyed to Fabrega his country's support to Argentina in its dispute with bondholders in a New York Court,” Argentina's central bank stated, according to Reuters. Last Thursday, Argentina's senate passed a bill circumventing a U.S. court order for the country to pay the so-called vulture funds US1.3 billion, plus interest. The Argentine government has described the U.S ruling as “imperialist,” and accused the funds of speculation. On Tuesday, Argentina is set to push for a new international regulatory framework for the handling of sovereign debt disputes at the United Nations. The move has the backing of the G77 group, including China.