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Common Currency Likely in Costa Rica, Central America

Written by:
Jagajeet Chiba
Published on:
Dec/22/2008

Central American leaders are pledging to create a joint credit fund and promote fiscal stability to cope with the effects of the world financial meltdown.

The leaders say the fund will go toward developing their impoverished economies. They say investment priorities will be in infrastructure, agriculture, commerce and production. They did not specify how the fund would be financed.

They are also pledging prudent monetary policies and measures to stabilize prices of basic products.

Central American governments are concerned the financial crisis will curtail foreign investment and the amount of money their citizens abroad send home.

Furthermore, the Central American nations, including online gambling rich Costa Rica, would like to introduce a common currency as well as passport free travel between each of the nations in this region.

The eight regional leaders earlier this month vowed to promote "a regional conscience that instills people with a sense of identity and belonging to a united Central American region," including "perfecting the issue of a Central American passport and the adoption of a single Central American currency."

The presidents of Honduras, Guatemala, El Salvador and Nicaragua, and representatives from Costa Rica, Panama, Dominican Republic and Belize all agreed on a 41-point economic blueprint to help the region weather the current global financial storm.

Costa Rica and - to a lesser extent - Panama and the Dominican Republic are home to hundreds of online gambling and sports betting call centers.  

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