Why It’s Time to Change the Financial System: President Fernández Calls for Reform in the Global Economy

2023-09-15 19:18:37

Fernández: “We must change the financial system that continues to operate with the same logic”

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President Alberto Fernandez He asked this Friday “to change the financial system that continues to operate with the same logic as always” and maintained that entities such as the International Monetary Fund (IMF) show “orthodox” positions.

“One has to change the financial system that continues to operate with the same logic as always,” said the Head of State when participating in the G77+China summit held in the city of Havana, Cuba.

“One sees the World Bank, the International Monetary Fund, applying the orthodox logic that led us to this crisis state,” Fernández expanded.

“How much longer are we going to put up with the IMF following the rates set by the North American government through its federal reserve and applying surcharge rates suffered by countries like Ecuador, Barbados, Argentina, Egypt or Ukraine. Are you so worried about Ukraine that you charge it such an exaction?”

“I am not saying this to those who I presume think like me, I said it at the G20 a week ago and at the G7, in Munich, a year ago,” the president recalled.

And he added: “How much longer are we going to put up with the IMF following the rates set by the North American government through its federal reserve and applying surcharge rates suffered by countries like Ecuador, Barbados, Argentina, Egypt or Ukraine. Are you that worried about Ukraine? that they charge you such a tax?”

Fernández considered that there continues to exist “a dominant world and a dominated worldand added that “it must be finished forever.”

Fernández’s greeting with Díaz-Canel / Photo: Presidency.
“In the global south there is what the central world is needing,” said the President and listed food, energy, lithium, “and the opportunity to demand equality,” because “the technological revolution is unstoppable,” he concluded.

The world is no longer the world we knew, back when the Washington consensuses handled globalization like a large village, an almost naive view of the world. We are experiencing a change of era, which shows a hegemony that has been lost, American hegemony is not what it was, it shows a Europe in crisis, which began with Brexit and continues with the war between Russia and Ukraine, which sees the emergence of two enormous powers, like China and India,” the president remarked.

And he stressed that “in that scheme The Brics appear, representing 44% of humanity and 36% of the GDP, which is more than the G7“.

“The world is no longer the world we knew, back when the Washington consensus handled globalization as a large village, an almost naive view of the world. We are experiencing a change of era, which shows a hegemony that has been lost “American hegemony is not what it was, it shows a Europe in crisis, which began with Brexit and continues with the war between Russia and Ukraine, which sees the emergence of two enormous powers, such as China and India.”

Furthermore, the president rejected the expressions of candidates for the First Judiciary who “say that Argentina is not there to do science and technology,” and recalled that the country has five Nobel Prize winners who emerged from public education.”

“There are candidates who say that Argentina is not there to do science and technology. A lie. We must produce, we have the scientists, the technicians,” the President concluded.

On the other hand, he highlighted that “The G77 countries + China have always supported Argentina’s claim over the Malvinas Islands.”

The head of the UN attends the summit in Havana / Photo: Presidency Archive.
And he stated that “for many years we have been demanding that the United Kingdom sit down again at a negotiating table to resolve, in the logic of multilateralism, problems that we have seen our territorial sovereignty broken due to the improper occupation of Argentine lands. To all those who have accompanied us my gratitude.”

“I come from the G20”, where the leaders approved that the African Union “be part” of that group, he said and expressed “this is an act of reparation, which guarantees that the looting does not continue.”

“At the G20 I asked for Celac to join next year as well, because “it is not possible that the voice of the Caribbean, which suffers the most from climate change, is not represented.”

The President participates in the G77+China meeting in Cuba

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Fernández’s arrival at the summit

The President attends the meeting of the G77+Chinaa summit that will focus on cooperation in the Global South and criticism of developed countries on issues such as the fight against climate change.

The president arrived at 9:15 local time (10:15 in Argentina) and, upon entering the building, he gave the protocol greeting to the president of Cuba, Miguel Díaz-Canel, and the chancellor, Bruno Rodríguez.

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Together with the president, the heads of the more than one hundred delegations who participate in the event, although some will land this Friday on the island, as is the case of the president of Brazil, Luiz Inácio Lula da Silva.

Once inside, the leaders occupied their designated seats in the largest room of the 11 that the center has. Convention Palacewhich occupies about 60,000 square meters in one of the most beautiful residential neighborhoods in the city.

After the greetings, the inaugural conference was held, led by Díaz-Canel and the Secretary General of the United Nations, António Guterres, who held a bilateral meeting on Thursday at the Palace of the Revolution.

The summit continued with the traditional family photo and, later, the plenary debates of the forum made up of 134 member states (it maintains its name for historical reasons), which together represent 80% of the world’s population and which is considered the largest intergovernmental organization within the UN.

Photo: AFP archive.
At night, Alberto Fernández will attend the dinner hosted by the host president at the Palace of the Revolution, while the summit, which is held under the motto “The current challenges of development: role of science, technology and innovation”, will conclude on Saturday with a new session of debates and the presentation of the final statement.

From the organization in Cuba they highlight that this text will demand a reform of the global financial architecture, the establishment of a new economic order, greater contribution of industrialized countries in the fight against climate change, greater South-South cooperation in science, technology and innovation and the elimination of unilateral coercive measures, issues that the Argentine Government has been promoting in various international forums.

Fernández arrived at the José Martí airport on Thursday night at 10:50 p.m. local time (11:50 p.m. in Argentina) accompanied by Foreign Minister Santiago Cafiero; the Secretary General of the Presidency, Julio Vitobello; the spokesperson for the Presidency, Gabriela Cerruti, and the ambassador of Argentina to the United States, Jorge Argüello.

Photo: Presidency.
On Sunday night or Monday morning, Fernández will take the flight to New York City to participate in the the UN General Assembly.

As Argüello – also an Argentine Sherpa in the G20 – explained, the G77+China arose from “the need to express the voice and interests” of what is now known as the Global South, and meets “to channel the international community’s concerns of the majority of the world’s population represented by the countries that make up the group today.

More than a hundred delegations

In this sense, the organizers confirmed the participation in the summit of more than a hundred delegations, among them some thirty heads of State and Government such as the presidents of BrazilLuiz Inácio Lula da Silva, and ColombiaGustavo Petro.

In this situation, it is notable that security reinforcement in the José Martí airport area, on the routes that lead from the air terminal to the center of the capital and in the wide area of ​​the Malecón that extends along the entire coast.

There are also operations deployed in the neighborhoods of Vedado and Old Havana, where the hotels where the representatives of the members of the group founded in 1964 will stay will be located.

Beyond that, in a city where posters in favor of the Cuban Revolution and against the United States blockade abound, there are almost no references to the summit on the street.

The exception is the cars of the delegations, about a hundred that arrived this Friday alone, such as Argentina and that of the Secretary General of the UN, António Guterreswho then held a meeting with the host president, Díaz-Canel.


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