What Makes up the Free Trade Area of the Americas (FTAA)?
by Caritas Panama ATTAC November 13, 2002 Translation. Herbert Kaser. coorditrad@attac.org volunteer translators (*) The Free Trade Zone of the Americas implies the establishment of free capital flow between the mightiest economy of this planet (USA) and the underdeveloped economies under debt spread over Latin America and the Caribbean’s. It keeps up the fiction of a pact between equal partners and ignores the fact, that the total of all cross national incomes of all our nations is one tenth of that of the USA. According to Hugo Fazio, an economist from Chile, “the opening of the national economies to the great capital has created a predominance of few groups of financial consorts in the region. This hegemony has been predominantly established in the banking sector by the Spanish BSCH and BBVA, by the Citigroup of the USA and the Dutch ING managing private pension funds and using the finance system all over.” Fazio points out that the removal of international regulations for the capit
