Toribio will also lead efforts to recruit foreign governments to a “great global crusade" to confront financial speculation over oil and food. Fernández blamed international speculators and the futures contracts for the rising costs on international markets. “That is the great shame of our times. It is an immoral and unacceptable act," he said. In his Independence Day speech, President Fernández insisted that the country remained on an even keel despite public sector foreign debt creeping up to 36% of GDP, or some US$18.2bn. “At present, the Dominican Republic is not facing a devaluation or a loss of confidence in its currency," he said. “In fact, in 2010 bonds were placed on the international market at the lowest interest rate," he said. Fernández added that the country had attracted capital investment of US$2.9bn last year, and that tourism had generated foreign exchange of US$4.2bn, up US$160m on 2009.
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