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Why U.S. hasn't sanctioned Honduras
Followers of ousted President Manuel Zelaya demand his return to Honduras during a demonstration in Tegucigalpa, Honduras.
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STEVE CHIOTAKIS: There's been fast economic reaction to the military coup in Honduras. Neighboring countries in Central America have suspended trade. The World Bank's postponed millions of dollars in loans. But the United States has held off on sanctions for now. From the Americas Desk at WLRN in Miami, here's Marketplace's Dan Grech reports.
DAN GRECH: President Barack Obama says the overthrow of Honduran President Manuel Zelaya sets a "terrible precedent" for Latin America. But his administration has not formally labeled it a coup, because that would cut off development aid. Gabriel Torres is a sovereign risk analyst with Moody's Investors Services.
GABRIEL TORRES: There is a legal procedure, by which, if you formally certify it as a coup, then certain amounts of money would be put in jeopardy.
For instance, more than $200 million dollars in funding from the Millennium Challenge aid program. Torres says the U.S. could turn the economic screws further. It could cut off trade to Honduras, or even inhibit the flow of money sent home by Honduran immigrants.
TORRES: None of that has yet happened. The government of the United States is still trying to work behind the scenes to help resolve this.
The Organization of American States, with U.S. backing, gave the Honduran military until Saturday to restore Zelaya to power.
I'm Dan Grech for Marketplace.
I am a Gringo who is very proud of my Honduran friends. They are standing up to the thugs who think creating havoc and destruction of property will make friends for Mel. Hogwash! If they are so proud of Mel why must they hide their faces with bandannas like any other bandito.
Put away the rocks and firebombs guys and vote in the coming election, that is if you are even a Honduran.
Here is an update directly from Honduras. Zelaya is currently slated to be escorted into Honduras on Saturday. This is a real powderkeg that one way or another bears tremendous potential impact for this hemisphere...and maybe the world...for years to come. The only nations in the world reported to have recognized the new government of Honduras as legitimate are Taiwan & Israel. All nations (that had ambassadors in Honduras previously) have pulled out their ambassadors except for the USA. The UN, the EU, The OAS, & most every country (including the USA) and most any international organization of states that you can think of are calling this a “military coup†and are calling for Zelaya’s return to power. Yet the vast majority of Hondurans do not want him and there was no military coup. He was legally separated from power by following the Honduran constitution--and without a drop of blood being shed--and the entire government that was in place prior to Zelaya’s expulsion is still in place and proceeding democratically & entirely within the framework of their constitution...headed by the leader of the same party to which Zelaya formerly belonged. The Congress has impeached Zelaya unanimously & the Supreme court and the Fiscal General have at least 18 offences of provable charges out against him, ranging from malfeasance to fraud to treason. Beyond his resignation letter left behind, they have found 60 million lempiras in cash in Zelaya’s office, along with clear evidence linking him to Hugo Chavez’s Cocaine cartel. 260 million lempiras in cash was found in the hotel room that he was using to run the illegal referendum from.... The list goes on & on.
In Honduras in every major city tens of thousands of supporters of the ouster of Zelaya march peacefully in the streets in support of the new government (wearing white and carrying Honduran flags)... Every day....while a few hundred professional agitators (many of them being Venezuelans brought in for this purpose) and typical ‘ner-do-wells that are organized to support Zelaya are breaking windows and burning tires and throwing rocks and getting the intermational news coverage. Dr. [name deleted] has spoken to many, many Hondurans.... Particularly those out in the countryside. Even those who formerly supported Zelaya (before he tried to change the constitution regarding term limits) do not want Zelaya to come back. Not a single one wants him to return.
Honduras is calling up all its reservists (including many of our friends). The reservists are each being called to the battalions from their own area. They are then being deployed to the borders mostly. Everyone here fears invasion--primarily by the Venezuelans coming in from the Nicaraguan border.
Please pray, and please consider contacting those in the media and our government whose actions just might be able to prevent a war. Please.
I wish someone would explain what it is that the government of Honduras did that is wrong. The Wall Street journal calls it like it is. Why does the rest of the media world and our president just see it as a military takeover?
I'm just glad the people and government of Honduras had the guts to stand up to that crook Zelaya and set about legally throwing him out of power.
Calling what has happened in Honduras a "military coup" is to disregard the claims of both civilian and military officials in Honduras. Yes, the military acted. According to the judicial and legislative branches of the government in which Mr. Zelaya was chief executive--and even the ambassador to the U.S. appointed by Zelaya--the military has never held power and has always acted at the request of civilian authority. The only way to call it a "military coup" is to unquestioningly accept the word of Manuel Zelaya over that of the majority of what was his government.
