The IMF and World Bank never were really popular in the developing countries. Mainly because they were considered rightly or wrongly like imperialist institutions working for the interests of the USA. So it was predictible that one day, some countries will be fed up of the world leadership of this financial institutions. What some were dreaming about, Hugo Chavez and six others South-American countries done it ; create their own regional and independant financial institution to sustain and finance their own grothw and social development. Indeed, this Sunday december 9th in Buenos Aires (Argentina), « the leaders of these seven South American nations launched a regional development bank » with the ambitious goal to create one regional currency as European union managed to do it.
For its creation, the Banco del Sur, or Bank of the South is expected to get at least $7 billion in startup capital. It will provide Latin American countries « loans with fewer strings attached than those given by the World Bank, the International Monetary Fund or the Inter-American Development Bank ». This agreement constitutes clearly a strong sign of unity and prove that the South American countries have understood that they have to organize together their mutual developement, to be stronger and more independant.
I really hope this brave and positive initiative will manage to reach theirs
goals, because south American like African people need to find a way to boost
their development and it's a good thing they take their destiny into their own
hands by this way.
South American Countries Agree to Found Banco Del Sur
Sept pays latino-américains lancent officiellement la Banque du Sud
