Buenos Aires, Argentina, August 10, 2002.

The Executive Committee of the Inter-Parliamentary Forum of the Americas (FIPA) gathered in Buenos Aires, Argentina, expresses its concern for the subjective criteria used by private bond rating agencies, which have increased the risk rating of certain developing countries of the Americas, ignoring the real economic situation in each of them with grave consequences for their financial stability, while generating additional poverty and undermining governance.

Buenos Aires, Argentina, August 10, 2002.

The members of the Executive Committee of the Inter-Parliamentary Forum of the Americas (FIPA) gathered at Buenos Aires, Argentina, declare as follows:

· We have seen with great concern the political, economic and social crisis taking place in the Argentine Republic. The country's current unemployment rate, its four-year-long recession and the resulting difficulties in meeting the increased social demands resulting from this situation, along with the breaching of contractual relations due to the inability of the financial system to repay the deposits of Argentine savers, pose a real threat to the continuity of republican institutions as well as endangering social peace.

· Under the present circumstances, we cannot ignore the fragile condition of the South American context and therefore call upon all countries to make a commitment to true hemispheric solidarity including immediate action aimed at strengthening political, economic and social stability in the region.

· We must point out that the Argentine situation is in no way an isolated case. Rather, it is part of a series of crises in which it is now South America´s turn to show the volatility of its markets as a consequence of maladjustments in the international financial system that even the World Bank and IMF were unable to anticipate and correct on time.

· Beyond the seriousness of the Argentine situation today, and the negative impact it has on the standard of living of its people, we can see a gleam of hope in the fact that Argentines have decided to solve their problems within the democratic system.

· Conditions already exist which, once the financial system has been rebuilt, will enable Argentina to rapidly mobilize its natural and human resources, and to both generate and distribute wealth, hence breaking the vicious circle of recession and beginning a new period of economic growth and stability.

Therefore, we will undertake to ask of our respective governments that they take joint action in cooperation with the international credit agencies, with the aim of responding to the needs of the peoples and the democracies of South America.

Observing with concern that the intensification of violence in Colombia poses a serious threat to the country's social, political and economic stability and that it could affect other countries in the area;

Underlining that protection of Colombia's civilian population should always be an overriding concern for all parties involved in the conflict;
Recognizing the efforts made by the Colombian Government to guarantee the preservation of its democratic institutions and strengthen the rule of law; and

Stressing the importance of parliament in strengthening democratic values and the conditions for the development and well being of the Colombian people;

The members of the Executive Committee of the Inter-Parliamentary Forum of the Americas (FIPA), meeting in Panama City on the 6th and 7th of December, 2002:

Express our support for the democratic values being promoted in Colombia and reiterate the importance of continuing to protect those values through parliamentary institutions;

Call for the immediate release of all persons held hostage in that country, including several members of Congress, members of the public forces and a former presidential candidate;

Enjoin all the parties in the conflict to respect international humanitarian law, taking steps that lead to peace to achieve a secure future for all Colombians;

Applaud the commitment made by the Colombian Government to seek international assistance in finding a way out of the armed conflict;

Urge the Colombian Government to continue working to establish mechanisms to strengthen its institutions, guaranteeing governmental transparency and good management; and

Express FIPA's interest in making a positive contribution to the quest for peace in Colombia through solidarity and cooperation by the countries of the Americas.

Observing with concern the recent events that threaten social, political and economic stability in Venezuela;

Recognizing the efforts being made by the General Secretariat of the Organization of American States (OAS) in seeking a negotiated end to the special situation affecting the Venezuelan people today;

The members of the Executive Committee of the Inter-Parliamentary Forum of the Americas (FIPA), meeting in Panama City on 6 and 7 December 2002:

Support the work being done by the General Secretariat of the OAS in seeking to re-establish stability and peace in Venezuela.