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June 26, 2009

Ecuadorian President: World Should Consider Abolishing IMF
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The UN General Assembly is in the last day of a summit on reforming
financial regulation in the wake of the global economic crisis. A draft
proposal set for approval today calls for increasing aid to poorer
nations, tightening regulation of complex financial instruments, and
reforming the IMF and other multilateral institutions. On Thursday,
Ecuadorian President Rafael Correa said member states should consider
abolishing the IMF. He also criticized the profit-driven financial
system.

Ecuadorian President Rafael Correa: “We who want to be citizens of the
world cannot understand schemes that always end up trampling and
enslaving the poorest. How can we understand so-called globalization
that does not seek to create world citizens, but only consumers. It does
not seek to create a global society, just a global market.”



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