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South Bank, a project that marks the change on the continent

"The South Bank is the beginning of what we do, "described Nicanor Duarte Frutos, President of Paraguay, in the act of launching the regional financial institution. It was last night in the White Hall of the Casa Rosada, with Nestor Kirchner and Cristina Fernández as hosts. In addition to Paraguay, were the leaders of Brazil, Lula da Silva, Venezuela, Hugo Chavez, Bolivia, Evo Morales and Ecuador, Rafael Correa. The only absentee, with notice, was the Tabaré Vázquez, that only now add his signature to the founding charter of the credit agency. In a match full of praise crossed the empty chair was left clear demonstration of the deterioration of the relationship with Argentina. "It's the first time that South American countries have in hand the management of a financial institution of this kind," praised Lula, before Chavez spoke of "financial empowerment" and Correa urge the seven partners to repatriate the 250,000 million dollars of foreign reserves that together have invested in the core countries to leverage regional development.

Upon signing the founding charter remains a difficult stage. Ministers of Economy and Finance of the seven countries will meet in the next 60 days, a battery of key operational issues that will give the bank its final profile. The first is to determine how much each country will contribute and what the initial capital of the entity. In previous negotiations were considered different alternatives, ranging from 6000 to 10,000 million dollars. The number being stronger ending was 7000 million, but is not yet final. Argentina, Brazil and Venezuela integrate more than 50 percent of that amount, although it would set a schedule of five or more years to complete disbursements.

meetings in the next two months will also have to figure out what proportion of the loanable amount received by each country, to what extent it is tied to what they have contributed to the functioning of the bank and how many staff each nation sent to key agencies selection of projects to fund and analysis on the feasibility of such initiatives. Until now it was resolved that the highest decision-making body will be a Governing Council composed of ministers of Finance and Economy, within which each country shall be entitled to one vote. But that body will receive the recommendations of technical offices that will make an initial choice of projects.

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bank's head office is in Caracas and there will be two regional offices in Buenos Aires and La Paz. The partners have yet to choose who will be the first president. There are good chances of being an Argentine, while the second alternative is that the responsibility rests with a representative of one of the smaller countries. That is, it would be neither a Brazilian and a Venezuelan.

As it begins to operate, supposedly in two months, the Banco del Sur should prove a useful tool to finance development of the region and not merely a bureaucratic structure. But that is a challenge for later. The concrete at this point is that the creation of the entity reflects better than anything the times in the economic sphere. Just as the '90s were marked by the Washington Consensus and the uncritical reception of these recipes by most Latin American countries, the IMF as omnipresent instructor, this stage shows that the region seeks to regain autonomy in decision decisions. The accumulation of reserves in central banks is part of the process and another example of how these nations began to imagine solutions from within, upon confirming that the international lending agencies led to a worsening of his continuing problems with constraints.

One of the objectives of the South Bank is to build regional balance, that the poorest countries and major weaknesses in infrastructure can make a leap in its development. The institution must provide funding for that mission. The Minister of Finance of Bolivia, Luis Arce, said his country needs funds to grow the state oil company YPFB, to mining companies and other energy projects. "We are the hope and opportunity, as having received debt relief, the doors are closed to access credit from long-term market," he said. "The financial institution will be of great help to the region. No more dependence on international agencies to obtain credit for production, "the Paraguayan senator Alfonso González, president of the Mercosur Parliament.

Unlike the national development banks such as BNDES in Brazil, South Bank does not conduct its loans directly to businesses, but to finance projects submitted by countries. Then each nation will redirect resources as they see fit. Argentina would seek support to expand technology businesses. The project must be oriented to the productive development, infrastructure and social action. The president of Bolivia, Evo Morales, said the bank would also provide loans to public enterprises and social enterprises.

A central issue is that the recovery of claims is effective. If countries do not cancel the loan in a timely manner, the entity will lose weight and lending capacity. The bet is to consolidate the growth of economies, making based on infrastructure, expansion devices productive and social cohesion. "We need to stop financial dependence," summarized the Ecuadorian Correa. "There comes a time when we have much to do," he harangued. David Cufré


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CRISTINA FERNANDEZ MERCOSUR CLAIMS AND SOUTH BANK

Cristina Fernandez de Kirchner, Argentina's new president, said today the creation of Banco del Sur "as a tool for social and economic transformation "of Latin America, and called for the incorporation of Venezuela into Mercosur" shortly. "
Fernandez made his definitions for the economic integration of the region, during the inauguration ceremony held today in the Argentine Congress in the presence of nine American presidents. President Fernandez also asked for the release of former Colombian presidential candidate Ingrid Betancourt and promised "all diplomatic efforts" towards the humanitarian exchange, encouraging the relatives of the hostage of the FARC and French President Nicolas Sarkozy. Fernández
invoked "God" to "enlighten the president of the beloved and sister republic of Colombia, Alvaro Uribe, in order to" shine a solution which requires international humanitarian law, without implying in any way interfere the internal affairs of another country, "he told the Legislature of his country.
In the presence of President Uribe and the mother of Betancourt, special guest at the inauguration ceremony, Cristina Fernandez asked his Colombian counterpart, "put all the effort, all the will to avoid reaching a solution too late."
Fernandez claimed the Mercosur and said it expects to close the "energy equation" in the region with the incorporation of Venezuela "shortly." Cristina Fernandez said the presidents of Bolivia, Ecuador, Brazil, Paraguay and Venezuela signed on Sunday in Buenos Aires the creation of Banco del Sur, along with Argentina.

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Enumeration of the presidents was met with applause from the audience, which devoted a special cheers to Hugo Chavez. Fernandez appeared to deviate from protocol when he went directly to Vázquez, President of Uruguay, to say "not get me any gesture that aggravate" the current conflict in the Botnia pulp mill already operating in the neighboring country.

Cristina Fernandez, thanked "the presence" of the president of Uruguay who came to the Argentine Congress on the time of initiation of the act of taking, to avoid a possible protest by members of the Assembly of Gualeguaychú.
But the flamboyant president then added that Argentina "is not attributable" to the conflict and Uruguay pulp mill "has violated the Treaty of the River Uruguay", prompting the government because of her husband, Nestor Kirchner, to attend the International Court in The Hague, which has yet to rule on the dispute. "With the same sincerity I say that this cross today we are not attributable" to Argentina, for Uruguay "has violated the Uruguay River treaty to install the pulp mills," chided the president in his inaugural address. Fernández complaints were received with applause and cheers by Argentine lawmakers sign of support, while President Uruguay tried, a few meters away, his face mask any reaction. The new president also addressed "the Uruguayan people" saying: "you can be certain that the feel and always feel like our brothers. That does not have any doubt." Cabinet chief Alberto Fernandez, had previously concluded that Vazquez visited Buenos Aires "at least four hours" to attend the inauguration ceremony.
"would have been worse not to come," said Chief Cabinet on Uruguayan President Fernández.
Cristina Fernandez also ordered the "global terrorism" but at the same time and in a post that seemed destined to the United States criticized "The global violation of human rights."
Fernández emphasized that global terrorism "does not justify the global violation of human rights."
"I do not believe in that strategy paid and functional goals they (terrorists) are intended to achieve," stressed the president of Argentina. ACZ

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South Bank, Financial Integration

(Ingrid Navarro Leonet-Abn) .- The Banco del Sur marks the prelude to the new financial architecture of the countries of the region in the context of integration, the minister of People's Power for Finances, Rodrigo Cabezas.

'The bank will allow the South American take on much of the economic destiny of our countries. This not only enable us finance programs and projects, but also deepen the integration between our peoples ", he said.

Also, this regional institution will in the medium and long term, raise issues as the single currency for South America, the use of national currencies, not dollars interegional trade. These elements would be a demonstration that the region begins to become the great economic bloc in this century.

Cabezas recalled that Latin America's international reserves exceed 420 billion dollars, most of them are placed on developed countries. The institution will

headquartered in Caracas and sub-venue located in Buenos Aires, Argentina and La Paz, Bolivia.

Among the projects are financed infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region. The record shall be signed by Argentina, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and Brazil.

These countries, he said heads are 111 billion dollars in resource flows, excluding gold, which could be used to benefit the region. Notably

today prior to the formal act of economy and finance ministers of the signatory countries meet for the purpose to finalize some details of the initiative that President Chávez promoted since the late 90's.

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Argentina, Brazil, Ecuador, Bolivia, Paraguay, Uruguay and Venezuela signed today December 9, 2007 in Buenos Aires the creation of Banco del Sur with an initial capital seven billion dollars. The South Bank is a proposal led by President of the Republic of Venezuela, Hugo Chávez Frías in 2004.

This is the last act of Nestor Kirchner as president of Argentina, which on Monday will hand over power to his wife, Cristina Fernandez de Kirchner, who won the general elections of 28 October. The founding of the Bank South will be held this Sunday to take advantage of the presence of the representatives also will be at the inauguration of Fernandez de Kirchner.

are awaiting the arrival of Brazilian President Luiz Inacio Lula da Silva, of Bolivia, Evo Morales, of Ecuador, Rafael Correa, of Paraguay, Nicanor Duarte, and Venezuela's Hugo Chávez, in the coming hours. The only president to be absent at the signing will Tabaré Vázquez, who warned that arrive in Buenos Aires on Monday morning just to attend the inauguration of the new head of state of Argentina.

The institution will be headquartered in Caracas and co-host located in Buenos Aires, Argentina and La Paz, Bolivia. The main task of the South Bank will finance projects to be financed include infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region.

international reserves in Latin America exceeded 420 billion dollars, most of them are placed on developed countries.

Initially, Venezuela, Brazil and Argentina are the main partners as they invested three thousand, two thousand and $ 800 million in respective manner.

South Bank arises in the middle of a continental need to end dependence on external agencies and political interference in the development of Latin American peoples, whose objective is the stagnation or decline of nations in the economic and social, which is a major challenge regional.

To do this, this new financial architecture requires a solid foundation from the ethical, economic, social political and governing the action plan arising founding republics, as well as the fundraising program and estimation initial capital.

In this regard, the President of the Republic of Argentina, Nestor Kirchner, said in February this year during a visit to Caracas, it is essential that the entity will drive a financial philosophy different from international banks have become over time "in a real punishment for the people" because with its interventionist actions affect the autonomous decisions of nations.

Moreover, the entity represents the momentum of projects to improve competitiveness and scientific and technological development, provide technical assistance, grant guarantees, bonds and guarantees, and be in the medium term, capacity to absorb part of foreign exchange reserves of member countries, now deposited in the U.S. and Europe.

Similarly, the South Bank should issue bonds, promissory notes, debentures and any other instruments and act as underwriter of securities of its partners, will pick up all kinds of financial resources and in any form and will assist in natural disaster.

addition, the leaders have indicated their intention to integrate more and more countries to the project to give more strength to it and extend its reach by supporting countries in Latin America.

"We have access to the South Bank the youngest and strongest banks are not selective, ie based in solidarity, without ever losing its financial request criteria, "said Kirchner, who will close out its mandate with the signing of this alliance.

For now, Chile has participated as an observer and Colombia, despite having applied for membership on 12 October, remains undecided, but the possibility of adhering to such financial alternative will remain open for decision by the seven founding countries.


strategic aspects still under discussion

This Saturday in the capital Buenos Aires, is conducting a meeting between the Ministers of Economy and Finance of the countries linked to the Banco del Sur, which aims is the definition of the initial capital of the company, until now estimated at $ 7 million, a figure that translates into 150, 5 billion Bolivars (Bs.F. 150.5 million).

The announcement, on 4 December, the Minister of Popular Power for Finances, Rodrigo Cabezas, who noted that in addition to the debate on the initial capital contribution, we will discuss other issues of concern such as governance bank, the formation of the board, the mechanism of the chair and equipment that agreement.

This preliminary meeting to sign the founding act will give a final nod to the statutes conformation of the entity, in which each country will have equal participation in decision making, unlike the aforementioned multilateral agencies where nations with the greatest contribution with the highest number of votes.

As the headquarters of the South Bank, has agreed to install a primary in Caracas, Venezuela, to be ready in the first quarter of 2008, so it will work temporarily in the building where the Special Fund Retirement and Pensions, on Solano Avenue, and two branches in Buenos Aires, Argentina and La Paz, Bolivia.

Thus, Latin America shows its real intent and full independence financially and continue on the path of economic growth and development that comes down from four years ago, with significant progress in reducing poverty and other social and economic aspects.

Thus, the Venezuelan President, during the XVII Ibero-American Summit, held in Chile, said that "only transforming the national structures, uniting, respecting each person's system, we will move in such projects and that is the real integration, overcoming our differences to achieve social justice ', referring, inter alia, the South Bank.

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South Bank Economic Benefits of the Constitutional Reform

APPROVE the reform is to accelerate social and economic
The Constitutional Reform Project aims to integrate fundamental to the Constitution of communal power structures and accelerate social and economic transformation. See Constitutional Reform Proposal Final
- - -
This article is part of the puzzle that has to do with all the socioeconomic model of our country, the powers and duties of the Central Bank of Venezuela and Coordination Macroeconomic Policies. The wording of Article 321 reads verbatim as follows: "legislation shall provide for a stabilization fund aimed at ensuring macroeconomic stability in state expenditure levels municipal, regional and national levels to fluctuations in revenue. The operating rules of the fund shall observe basic principles of efficiency, equity and non-discrimination between the public organs contributing resources to it. "

The proposed reform is posed as follows: " As part of its function Management of international reserves, the Head of State shall, in coordination with the Central Bank of Venezuela and at the end of each year, the level of reserves necessary for the national economy, and the amount of excess reserves, which funds are available go to the National Executive productive investment and infrastructure development, financing of missions and, ultimately, the integral, endogenous, humanist and socialist nation. "

This article and the creation of this Fund is to be an extremely important to offset fluctuations in revenue, and largely due to fluctuations in oil prices, the Macroeconomic Stabilization Fund was the result of a law in 2003, aimed at ensuring the stability of state expenses municipal, regional and national levels to fluctuations in revenue.

This law was created in order to generate savings for the Venezuelan state and to avoid the decline in social spending during downturns in oil revenues, the National Assembly passed the reform law that created the Macroeconomic Stabilization Fund (FEM) in 2005. In this regard, the reform focused on adapting and give the FEM operation so that it can absorb the impact of fluctuations (fall) in revenue in order that any reduction in public spending.

In boom periods, generally increase in current expenditure and capital expenditure, which is invested in social programs and some infrastructure. In periods of recession Governments are forced to cut spending levels which produced budget cuts are made at the expense of these programs, making the implementation of development policies and ongoing investment.

The creation of the EMF fundamental purpose is to counteract the harmful effects on our economy generated by the volatility of oil prices which have a major impact on the nation's total income. Oil tax revenues are the most relevant to the Venezuelan government. Contributions

Macroeconomic Stabilization Fund
Within the economic benefits arising Reform Act of Macroeconomic Stabilization Fund are:

a) Macroeconomic stability. Fiscal and monetary balance and reducing the pro-cyclical behavior (unstable swings in cycles) of expenditure.

A stabilization fund operating and well-designed print a more stable fiscal spending during periods of increased revenue by disruptions in oil prices. This causes the aggregate demand for fiscal origin is stable and not rise sharply from this type of disturbance.

established reform will result avoid instability on other variables such as relative prices exchange, the costs of public and private investment, employment, real exchange rate, inflation and balance of payments, by avoiding situations such as generating inflationary prices and trends of real exchange rate appreciation or depreciation.

b) Ability to save the state on the basis of all national economic reality and not just in terms of external behavior of oil prices. The defining rule and accumulation of contributions to the FEM experience in the proposed amendment is substantive and does not depend on the behavior of oil tax revenues.

This can be seen in Article 9: "The National Executive allocated in the Budget of the Republic, the Macroeconomic Stabilization Fund an amount equal to not less than twenty percent (20%) of the excess, in real terms and comparable between income and expenditure incurred in immediately preceding fiscal period in order to sustain the rate of economic growth, public investment and social spending levels needed. " Social benefits

Macroeconomic Stabilization Fund
Accordingly, the main benefits that are generated from FEM reform are:

a) Improvement in quality of life of people product of macroeconomic stability. The very fact that public spending does not have a pro-cyclical behavior generates the level of spending is maintained over time and investment in the social aspect are constant. Consequently, the reformation proposed as solutions to this variability in revenue, public expenditure on social aspects present greater stability.

b) Reduced drop out of school. Economic studies show that in the Venezuelan case, the education sector is one element that is most affected by the volatility of oil prices. Generally, "the negative economic shocks force many families to withdraw their children the education system. Later, when the situation is reversed in periods of prosperity, most children do not return the system or simply fail to fit. " In this sense, the decline in public spending reduces the number of seats available, resulting in conditions of exclusion and dropout.

Productivity and transparency in public administration
Within the major institutional benefits generated by the reform of the FEM can be found:

a) Adequacy of the Law on the Elimination of PDVSA as part of the fund. Since the saving of the state oil occurs through the National Development Fund (Fonden) and the Country Development Fund (FONDESPA) for the economic development of the nation, has its obligation to savings within the FEM. Therefore, the adjustment should occur in all standards for adequacy of the new law

b) Increased administrative efficiency in managing the fund. The problem of the state, from the institutional point of view, is to manage resources received mitigating or avoiding adverse effects on the economy (inflation pressures for increased spending, appreciation or neutralization of the recessionary effects in the case of a disturbance negative for oil prices).

c) Increased transparency in the implementation of withdrawals and evaluation capacity of the Fund's management. For removal of Fund resources include notification to the Standing Committee on Finance of the National Assembly and the Comptroller General of the Republic, and is included in the draft estimates of the procedure in the event of a declaration "State of Economic Emergency," according to the specificity of this course of withdrawal and use of resources accumulated in the FEM, as is laid down in Article 17 of the amended Act.

These changes are creating more transparency since monitoring external institutions the operation and the conditions regarding the execution of the draw-FEM.

If I major in the reform proposal substantially improves the existing Article 321, because if we constitutionalising what the law is doing this fund, which is that under the stewardship of resources and reserves international, the Head of State shall, in coordination with the Central Bank of Venezuela, and at the end of each year, the level of reserves necessary for the national economy, and the amount of excess reserves, which are allocated to Funds available to the National Executive for productive investment, development and infrastructure financing of missions and, ultimately, the integral, endogenous, humanist and socialist nation. That is, it would create, not just a single fund, but would be many funds and in various areas, which gives the State flexibility in transferring resources to the development of areas of special significance for our people and even solve their most pressing needs.

This is another reason to say YES to this reform reform.

Socialist Fatherland or Death! We
Beating!

Juan Matorano
lawyer and political analyst. Candidate a member of the United Socialist Revolutionary Movement of Venezuela (MSURBV). Moderator of the "Revolutionary Path" aired on Mondays and Fridays from 6 to 7 pm on 880 AM Circuito Radio Venezuela Ciudad Guayana, together with the Deputy of the National Assembly by the Edo. Bolivar, Rafael Rios Bolivar. www.juanmartorano.blogspot.com

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Chavez spoke communal socialist economic system

President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías, stated that is working to establish a socialist communal economic system in each commune.

The announcement was made during the meeting with the Candidate militants United Socialist Party of Venezuela (PSUV), held in the Polyhedron of Caracas, on Tuesday night.

The Head of State noted that "this economic system will be managed by you the members of the communes.

said that" this is the only way to defeat poverty, to overcome poverty and achieve the greatest happiness possible for people to talk only about the economy. "

On this point, President Chavez said "So we have to give an example of the impacts, benefits will be constitutional reform. tell me the issue of reducing working hours from eight to six hours daily or 36 weekly . "

insisted that workers can not be enslaved by anybody. "The proposal I have for national public employees, and I hope the governors and mayors will follow this line will be discussed with the workers, nothing will be imposed."

Constitutional Reform Proposal Final


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60% and 40% increase in wages three months of bonuses to workers

Doctors receive a 60% increase in their salaries, while teachers receive a 40%. Bonuses will be canceled in two parts, 60 days in November and 30 days in December

Minister for People's Power Finance Rodrigo Cabezas, said on Wednesday that during the Council of Ministers approved a number 545 extra credit for increasing the salaries of doctors and teachers, and the payment of year-end bonus to employees of public administration which will benefit 2 million 440 thousand public workers.

From the Newsroom Simón Bolívar Miraflores Palace, the head minister explained that the adoption of the Presidential Decree 5658, by authorizing the payment of salary 90 days integral to public service workers, for the year-end bonus.

also reported that 7.5 trillion bolivars approved for payment of bonus, which will be paid in two parts: 60 days in November and the rest in December and thereby benefit two million workers and 440,000 workers public sector.

regard to salary increases for doctors and teachers, the head minister reiterated that the first group has a 40% increase, while the doctors are on salary increase by 60%.

The additional appropriation approved for this purpose amounts to 1 trillion 259 billion bolivars, including year-end bonus with a corresponding increase.

Presidential Press Office / (Belén Sánchez)

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Venezuela Constitutional Reform is inspired by the world's most advanced early

constitutional reform promoted by President Hugo Chávez and which are open forums for discussion in Venezuela, "was inspired by the principles of constitutional law most advanced in the world."

This was stated by Deputy Foreign Minister for North America and Multilateral Affairs, Jorge Valero, in a lecture this Wednesday at 47 º Course for Officers of American Defense College (IADC), an agency attached to the IADB , which is an international educational institution of Defense, offering professional courses, multidisciplinary officers the highest levels of member countries of the Organization American States.

corresponded to the Deputy Minister Jorge Valero lecture on "The Current Situation in Venezuela" as the universal interest it has generated the revolutionary government of our country.

XXI century socialism toward which points the proposed constitutional reform, said it does not intend to copy any model and indicated that "respect for human rights and their full force is the reason for the Bolivarian Socialism." He said

are apparent from the results of the Bolivarian revolution in Venezuela "will implement public policies that universalize rights." He added that the challenge now is to deepen these achievements "to achieve in Venezuela a socialist society with a human face."

Click to read text of the conference

THE CURRENT SITUATION IN VENEZUELA

Conference Ambassador Jorge Valero, Vice Minister for North America and Multilateral Affairs and Permanent Representative to the OAS.
IADC


Washington DC., October 31, 2007.

proclaims the great Irish poet WB Yeats "... has always nurtured the dream world." Redemptive dreams inspire Venezuelans in this historical time. Times change sign for our country. Changing times roam in our continent. We are on the threshold of a new era, where it will be possible to realize the higher ideals of humanity: freedom, justice, equality, solidarity among all human beings.

I

In 1999 Venezuela started a process of change unprecedented in the nation's history. The election victory of President Hugo Chavez made possible the adoption by referendum of the new Bolivarian Constitution, which was foreshadowed a new national project.

The novel constitution established a new conception of democracy: the participatory democracy. Extended branches of the National Government, by adding to the classic distribution of power, inherited from the French Revolution, the moral power and the electoral branch.

The 1999 Constitution gave constitutional rank to international treaties, signed by the Republic, human rights. Established the freedom of association and participation, beyond the right to vote. Guaranteed free education and health. Environmental rights enshrined in favor of sustainable development and conservation of our planet.

Human rights are the lifeblood of the Constitution Bolivariana. Civil and political rights and economic, social and cultural rights were recognized and expanded in the Constitution.

Innovative Constitution of 1999 established four types of popular referendum: the Advisory, the recall, the approbatory and abrogation. In no country in the world except in Venezuela, has enabled the recall referendum against the President of the Republic. Venezuelans, however, widely ratified support for the leader of the Bolivarian Revolution: Hugo Chávez Frías.

II

On August 15, 2007, the President of the Bolivarian Republic of Venezuela submitted to the National Assembly and the Venezuelan people a Draft Constitutional Reform.

A wide debate is taking place in Venezuela on Reform, a living example of participatory democracy, where millions of Venezuelans express their views freely.

Venezuela advances of a representative democracy to participatory democracy. In a limited democracy, dominated by a few, to a true democracy in which all citizens and citizens, take-as-responsible-the conduct of public affairs.

Constitutional Reform is based on the principles of constitutional law advanced in the world, and responds to changes demanded by the current transformation process peaceful and democratic, which take place in our country.

Constitutional Reform upholds the fundamental principles of the current Constitution. Venezuela is and will remain a democratic and social state of law, which enshrines fundamental values \u200b\u200bas freedom, justice, equality, solidarity, democracy, in which respect human rights and political pluralism.

Venezuela is and always will be, as stated in our constitution, a democratic, participatory, elective, decentralized, pluralistic and revocable mandates. The reform raises

create a democratic society citizens. All human beings living in the homeland of Bolívar, without discrimination, will be entitled to the city. There is an indissoluble

interconnection between democracy and citizenship rights. A report of the United Nations Development Programme (UNDP) states that to develop democracy is necessary to extend the right to citizenship. In that sense, the constitutional reform proposed in Venezuela deepens democracy in Venezuela, to enshrine citizenship for all.

In the same report argues that reducing poverty requires "that the poor have political power." This is precisely what is sought with the Constitutional Reform.

Reform giving constitutional status to the People. Transferred to the people organized as a repository of sovereignty, prerogatives that are now reserved for municipal power agencies, state and national levels.

is important to note that the Venezuelan people, exercising their sovereignty, have the right to recall any elected official, including President of the Republic, if it does not meet your expectations. In this sense, maintaining the validity of Article 72 of the 1999 Constitution, which states that "All magistrates and other offices are revocable popular choice."

The Constitutional Reform recognizes and guarantees various forms of ownership: Public, Social, Community, Citizen, collective, mixed and private. S and promote economy poses in terms of social justice. It encourages the common good and not maximum profits. We postulate the elimination of monopoly and landlordism, evils of capitalism and feudalism, which still exists in Venezuela.


III
Reform contains innovative proposals aimed at building Bolivarian socialism in Venezuela. A Socialism in democracy and freedom. An original and proper Socialism. A socialism that springs from the heart of the Venezuelan society, which is based on the best traditions of revolutionary, democratic and popular that holds our people.

Venezuelan socialism is not intended, therefore, copy any model. Respect for human rights and their full force is the reason for the Bolivarian Socialism.

Bolivarian Socialism is part of a peaceful revolutionary process. And it seems contradictory to speak of peaceful revolution, when the revolutions in history have certainly been marked by violence. I had told the great theorist Karl Marx: "Violence is the midwife of history."

Venezuela has deprived conditions and flourish for a culture of peace and tolerance.

progress in building a true democracy, with equality and inclusion full force of social and democratic freedoms.

moving towards social cohesion, through the enjoyment of each and all of the material and spiritual goods that God and Mother Nature, have left the Venezuelan people.

are moving in peace, though small sectors in Venezuela are willing to use violence to prevent the Venezuelan revolutionary process, to be successful. This happened during the coup and the sabotage of the oil industry.

IV

The successes of the Bolivarian Revolution are obvious. Venezuela implemented in public policies that universalize rights.

United Nations agencies and OAS and UNDP, UNESCO, UNICEF, ECLAC, WHO and PAHO have recognized the economic and social achievements reached in such a short time, the government of President Hugo Chávez Frías.

Since the last quarter of 2003 to early 2007-and for 14 successive quarters, gross domestic product (GDP) grew at an average of 12.6%, a record unprecedented in world economic history.

During the Venezuelan government has increased social investment. It is envisaged that 46% of GDP, the budget of 2008, is intended for social investment. 21% of it, will go to education. Percentage which far exceeds world standards in social investment. Never before had faced poverty and inequality with such determination.

Goals and Millennium Development Goals, set by the United Nations, met in Venezuela with resounding success. Some of these targets by 2015 have already been fulfilled.

The National Institute of Statistics of Venezuela, poverty reached 43.9% in 1998, dropping to 30.4% in 2006.

In turn, extreme poverty in 1999 reached 21%, and decreased to 9% in 2006.

The infant mortality rate has dropped considerably. 19% in 1999 has fallen to 14.2% in 2006, a decrease of 25.1%.

The Bolivarian government food programs have contributed to the Venezuelan consume 2,200 calories daily rate considered acceptable by the FAO.

Millions of students have joined the various sub-systems. In 1999 Venezuela had 5,672,107 students enrolled. This year we 13.500.00. Venezuela was declared by UNESCO a territory free of illiteracy in October 2005.

The state of education and health reflect the level of a country's development and quality of life. Education and health are rights of all Venezuelans. No wonder the UNDP has indicated that the Human Development Index increased from 0.69 in 1998 to 0.88 in 2006.

The government of President Hugo Chavez considers, however, that these achievements are not enough. The challenge now is to deepen our revolution to achieve in Venezuela a socialist society with a human face.

V

Bolivarian Revolution inspired by the transcendent thought the father of our country, Simon Bolivar. The Liberator said in 1820:

The man has no honor
country than that which protects the rights of citizens and
respecting the sacred nature of humanity
: ours is the
mother of all men free and fair,
irrespective of origin and condition.

Venezuela hopes at this historic time fulfill the unfinished work of Simón Bolívar. The Bolivarian Revolution that is currently taking place in my country, within a framework of full democratic freedoms and true exercise of human rights, fully assumes its humanistic heritage.

Ora / VTV / MPPRE



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Redenomination-Bolivar Fuerte

For more detailed information about currency redenomination in Venezuela visit http://www.reconversionbcv.org.ve

The portrait on the obverse, the presence for the first time monetary history of an image women and the contribution to the environmental struggle aimed at preventing the extinction of endangered species, are just three of the innovations that displays the new bills Venezuela, presented Wednesday by the president of Banco Central de Venezuela, Gaston Parra, on the board of the issuer company, and that people have on their hands from 1 January 2008, when they enter into circulation alongside the new coins.

The brand new monetary cone next year, consists of six bills and seven coins in denominations expressing a lower level and make it simple monetary transactions with amounts of money. Currency continue with the name of "bolivar" but to distinguish it from the current unit, temporarily will be called "strong bolivar." This is represented by the symbol "Bs.F.." Once the current banknotes and coins ceased to circulate and the public are familiar with the new unit, the Central Bank of Venezuela published notices relating to the re-use only the word "bolivar."

- Francisco de Miranda : 2 Bs.
- Peter Camejo : 5 Bs.
- Cacique Guaicaipuro : 10 Bs.
- Luis Cáceres de Arismendi : 20 Bs.
- Simón Rodríguez : 50 Bs.
- Simon Bolivar : 100 Bs.

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Nationality and biodiversity


The highest denomination bill is to Bs.100 (equivalent to Bs 100,000 currently). Dominated by brown, is on the front of the Liberator Simón Bolívar, reproduction an image taken from the portrait "diplomatic Bolívar" (1860), the artist Rita Matilde de la Peña and part of the collection of BCV. On the back, this piece shows the bird known as Siskin, considered one of the most endangered animal species in Venezuela. Also, joined a picture of Guaraira Repano or Avila, the eternal guardian of Caracas.

sense of citizenship and respect for the country's biodiversity, which transmits the image combination is repeated in other denominations. Bs ticket 50 (equivalent to Bs 50,000 today), with green as the predominant color, shows on its face the teacher Simon Rodriguez, in a portrait of Juan Agustín Guerrero is now Heritage Museum and Temple of Heroes (Quito, Ecuador). On the reverse appears to only bear in South America, the spectacled, and a detail of the Laguna del Santo Cristo, in the Sierra Nevada National Park, State of Merida.

The novelty of the female image is on the ticket of 20 Bolivars (Bs equivalent to the current 20,000), which brings front Luisa Cáceres de Arismendi, whom the royalists seized in an attempt to subdue her husband, the leader Juan Bautista Arismendi patriotic soldier. The portrait is of Emilio Jacinto Mauri and today can be seen at the headquarters of the National Assembly. This ticket is pink and in the reverse, endangered native species are represented by the hawksbill turtle, which spawns in Los Roques and the Blanquilla, while the rich national landscape is collected with a picture of Macanao mountains in the state of Nueva Esparta.

Another novel aspect of the new notes are references to the ethnicity of the Venezuelans, present in parts of Bs 10 (equivalent to the current 10,000 Bs), whose predominant color is brown or terracotta, the appears Guaicaipuro chief of the Indians Teques and Caracas, and the Bs 5 (equivalent to the current 5,000 Bs), ocher, illustrated with Lt. Pedro Camejo (Black One), a leading member of the Republican forces in the War of Independence. The Indian warrior image is taken from the play "Maps and Venezuelan Allegories" by Venezuelan artist Pedro Centeno Vallenilla, part of the collection of the Central Bank of Venezuela, while the First Black is inspired by a bust of Antonio Rodríguez del Villar, who is in the Campo de Carabobo.

The back of the tickets Bs 10 shows the Harpy Eagle, who lives in a large area of \u200b\u200bthe Americas, from Mexico to Argentina, the jump Ucaima and Deer and Kurun tepuyes in Canaima National Park in Bolivar State. For its part, the part of Bs 5 brings an image of the armadillo and the Venezuelan plains.
Bluish
In the last ticket is Bs 2 (equivalent to Bs 2,000 today), with Francisco de Miranda on the obverse, a portrait of Charles Ventrillon-Horber, original copy of Georges Rouget, which in the Ministry of Foreign Affairs and the dolphins (the largest freshwater whale in the world), Worm Flower and the dunes of Coro, Falcon State, on the back. Currencies


bicolor, silver and red

highest currency value is the Bs 1 (equivalent to Bs 1,000 today). With its outer ring and inner gold plated, because the combination of metals used in their manufacture, preserved on the obverse the effigy of the Liberator that was used for the first time in 1873, which was developed by the engraver of the Mint of Paris, Albert D. Barre. The reverse has the national emblem, the eight stars that identify the national flag, the number "1" and the inscription "República Bolivariana de Venezuela."

coins of 1, 5, 10, 25 and 50 cents on the obverse is identified by the number of its name and the eight stars of the national flag, while the 12.5 cents is decorated with graphics that symbolize synthesis palms. Parts 10, 25, 50 and 12.5 cents are silver, while those of 1 and 5 cents are reddish. All are on the reverse the national emblem and the inscription "República Bolivariana de Venezuela."

images of the new banknotes and coins are available on the website www.reconversionbcv.org.ve.



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South Bank will be signed on December 5 South Bank

On 5 December this year signed the founding charter of the Banco del Sur , a proposal led by President of the Republic of Venezuela, Hugo Chávez Frías.

The information was released by the People's Minister for Foreign Affairs, Nicolás Maduro, who is attending the Fourth Special Meeting of the Southern Common Market (Mercosur) in Montevideo, Uruguay. He said, by Venezolana de Television , that South America should continue to promote the integration mechanisms that already exist and are born, as the South Bank. He said South

should bet on their own projects to ensure their financial security, food, energy.

South Bank stems from a historical and sovereign decision given by the President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías.
South Bank pursues as central objective be independent of neoliberal economic policies of these institutions, it is also a precursor to the proposed creation common currency of the South, pointing to the sovereign use of capital in favor of the people. This proposal also involves the Government of Argentina.

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To date, the Banco del Sur includes Venezuela, Bolivia, Ecuador, Uruguay, Paraguay, Brazil and Argentina, while Colombia recently stated that wanted to add the project.

Initially the bank will be limited to financing development in the next phase will be raised the possibility to create and strengthen a financial fund in Latin America.

In early October, the finance ministers of seven South American countries concluded in Rio de Janeiro the drafting of a founding charter of the bank, but have not yet reached agreement on the capital to take the institution and the form of provision of its members.

The bank will be headquartered in Caracas, and is estimated to begin with a capital of between 6,000 and 7,000 million dollars. --------------------------

historical and sovereign decision of the Heads of State Hugo Chávez and Néstor Kirchner signed the Memorandum of Understanding between the Bolivarian Republic of Venezuela and the Republic of Argentina, for the constitution of South Bank, within 120 days from 2002-2007, is the most appropriate contribution to the processes of development of nations as it seeks independence from the unacceptable conditions of the International Monetary Fund (IMF) and World Bank (WB).

IMF loans have been conditioned to reduce social spending and privatization of strategic industries and services of countries, while the Bank agrees to bad loans and imposes fines for consultants and social and infrastructure projects. In both cases, capital loans are expensive for the high cancellation service (amortization plus interest), which has resulted in inefficiency to overcome imbalances in the balance of payments and fiscal deficits.

The South Bank central objective to be pursued independent of neoliberal economic policies of the IMF and WB, as it seeks to reduce the deposit of domestic savings from the economies of the South American region in the Northern banks. It is also a precursor to the formation of the common currency of the South as response to the harmful effects of the dollar crisis. In short, points to the sovereign use of capital for our own interests, which should prioritize the implementation of structuring projects of the new South geopolitical integration, for example, physical infrastructure by land, air and sea.

food supply network.

network of integrated health system.

education system for processing.

connections energy pipelines.
sovereign
This initiative seeks to create and consolidate the democratization of capital to make viable and interconnection schemes integration with development processes against financial hegemony of the IMF, World Bank and transnational corporations in the dynamics of investment, trade and financial transactions.

South Bank sovereign represents the alternative to neoliberal globalization, because it will encourage the transformation of production structures giving priority to meeting the needs within the region through the complementarity of production, which will ensure the export projection the various plans for South American integration at the bilateral, subregional, regional, hemispheric and global.

In this perspective, South drives the new concept for financing the development process through the principles of cooperation, solidarity and mutual respect in order to articulate the sovereignty of states to self-determination of peoples, for this commitment to their strengths, potential and endogenous values, which is vital for participation and leadership of its own destiny from the human and the administration of their own natural resources and capital for the sake of independence and people's welfare.

The South Bank becomes the alternative of humanistic, democratic, social relevance and flexible closely linked to social and productive investment in accordance with the urgent strategic projects developed by the state diplomacy and diplomacy of the people. Edgardo Antonio Ramírez

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