President on high cost of oil

[NewsWhore]

President Leonel Fernandez addressed the opening session of the XXX Ministerial Meeting of the Economic Commission for Latin America and the Caribbean (ECLAC), and did not hesitate to announce that it was likely that many Latin American countries, including the Dominican Republic, might not be able to meet their obligations of paying for oil while meeting their debt payment schedules. Criticizing what he called "casino and paper capitalism", Fernandez said that there was "chaos" on the international financial markets caused by the huge increases in the price of oil. As a result of this chaos, world food prices are spiraling out of control. Fernandez zeroed in on the financial markets as partially responsible for the increase in oil prices. He said that "the use of pension funds to buy future contracts that have no ties to the real economy is provoking financial disturbances at the international level, and at the same time, social tensions, political tensions and a crisis of democratic governance in our countries."

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