31 January 2008
On December 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or Bank of the South.
On December 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or Bank of the South.
By itself, the bank represents a serious challenge to U.S.-dominated institutions, such as the International Monetary Fund (IMF), the World Bank, and the Inter-American Development Bank (IDB). As part of a larger trend, it signals a major break from the policies of "free trade" neoliberalism that dominated in the region throughout the '80s and '90s
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