-Caveat Lector- "Brazil and Chile have proposed ``redesigning'' the global financial system to make it more difficult for capital to jump from country to country, thereby reducing the world economy's volatility and curbing the spread of economic crises. "Germany, Portugal and Spain are sympathetic to the idea "In Argentina, the Latin American Center for Relations with Europe argued it was ``fundamental for the summit to reform the world monetary and financial system.'' "Also on the agenda is opening talks about inaugurating a 'free trade zone' linking the European Union and Mercosur, the South American trade bloc." Rio Summit Leaders Regulate Capital By PETER MUELLO .c The Associated Press RIO DE JANEIRO, Brazil (AP) - Latin American, Caribbean and European Union leaders reached a consensus Saturday on language about regulating international capital flows on the eve of a two-day summit. Brazilian Foreign Ministry spokesman Jose Alfredo Graca Lima said there would be a mention of the need to control capital in the Declaration of Rio de Janeiro, to be signed at the summit that starts Monday. The decision to address the issue was seen as a triumph for Brazil, which was among the nations hit hardest by the financial crisis that blew in from Asia two years ago, and pressed to include the language in the final document. A group led by Brazil and Chile contends that making it harder for capital to jump from country to country would reduce the world economy's volatility and curb the spread of economic crises. Earlier Saturday, diplomats were uncertain that they could reach common ground. On Sunday, foreign ministers from the 48 countries represented meet to review the document, which is expected to cover a wide range of topics, from human rights to terrorism, illegal drugs and free trade. Brazil was among the victims when Thailand's economy crashed in 1997 and started a global panic, prompting investors to pull their money out of emerging markets. The government lost $10 billion literally overnight and decreed a series of spending cuts and tax increases that slowed the economy to a crawl. In January, Brazil's currency, the real, collapsed. The government abandoned efforts to prop it up and the real plunged 45 percent before recovering. President Fernando Henrique Cardoso has proposed a ``redesigning'' of the global financial system to make it more difficult for capital to jump around. Germany, Portugal and Spain reportedly are sympathetic to the idea, and private groups also are sounding the call. The Latin American Center for relations with Europe, an independent Argentine think tank, said it was ``fundamental for the summit to analyze the reform of the world monetary and financial system'' in light of the recent crises. One proposal is a tax on financial operations with the proceeds going to a fund to help economies in crisis. Also on the agenda is a proposal to start talks about a free trade zone linking the European Union and Mercosur, the South American trade bloc featuring Brazil, Argentina, Uruguay, Paraguay and associated members Chile and Bolivia. But Manuel Marin, EU Latin American Affairs Commissioner, said Saturday there is no deadline for the talks to start or end. It was widely reported that the talks would start in 2001 and conclude by 2005. Mexican President Ernesto Zedillo was the first foreign leader to arrive Saturday and was to have lunch with Cardoso on Sunday. Cuban President Fidel Castro heads a list of others expected Sunday. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om