UN General Assembly
1986

The belligerence of the international financial community in its collection of debts contrasts with the serenity of spirit and sense of responsibility with which those in the third world have devoted themselves to consolidating their plans for political freedom. Not all those efforts benefit from the same ethical standards. Why is a club of Paris legitimate, but not a club of Cartagena or Buenos Aires? Why is there wisdom and propriety in a co-ordinating committee of private banks, which can dictate the behaviour of debtors, whereas it is dangerous for the presidents of the central banks of our nations to meet and plan joint action? We are concerned that multilateralism, a traditional instrument to fortify the autonomy of our nations, no matter how small, has been used for a different purpose. The economic conditions being imposed upon the third world are of such magnitude that the developed nations themselves do not dare impose them bilaterally. For such purposes they have recourse to certain multilateral organizations. That is a serious political error that may have grave consequences if not soon corrected.