Last week, representatives of the Bolivarian Alternative of the Americas (known by its Spanish acronym ALBA) met in the Bolivian city of Cochabamba to discuss the future evolution of the trade bloc, designed to promote complementarity and reciprocity amongst left-leaning regimes in the region such as Cuba, Venezuela, Bolivia, Nicaragua and Ecuador. Since its inception in 2004, ALBA has carried out important exchanges of goods and services; for example Venezuela has exported subsidized oil to Cuba and receives Cuban medical assistance in return. However, some wonder whether ALBA is practical or can help to foster real economic development for the region's poor. ALBA leaders however say it's time to place such doubts aside. Last week in Cochabamba they declared their historic adoption of a common currency called the Unified... [read full story]
