Experts refine the structure of the Bank of the South

[Judi Lynn]

Source: El Universal (opposition newspaper)

Caracas, Monday June 11 , 2007

Experts refine the structure of the Bank of the South

The technical committees of the countries organizing the Bank of the South, a financial institution proposed by Venezuelan and Argentinean Presidents Hugo Chávez and Néstor Kirchner, respectively, are meeting Monday and Tuesday in Buenos Aires.

Venezuelan Minister of Finance Rodrigo Cabezas said in a news release that "if Colombia, Chile and Peru joined the Bank of the South someday, their governments will have the same weight as the founding countries."

He did not rule out the possibility that three or four years following the creation of the bank its member countries review their technical, political and financial possibilities.

Cabezas added that significant strides have been towards the organization of the Bank of the South. He stressed that the new meeting in Buenos Aires was likely to define some aspects and endorse its articles of agreement.




Read more: http://english.eluniversal.com/2007/06/11/en_eco_art_experts-refine-the-s_11A883245.shtml

[sbyte]

1. Economic Development -- Financial Independence

The bank of the South is the future. This is the first test of the new world economic structure. That may be followed in other developing regions. The Banks stated goal is for development of heavy industry projects that will provide a base for economic growth and trade. The main currency used will not likely be the Federal Reserve Note. What may happen is that the regional bank will be a trading house for other countries to lend money to each other. Eventually each country may have their own "National bank" and trade thru the Bank of the South.

[provis99]

2. the anti-Chavez people at DU will say this is more proof he's a dictator

really, they sound more like broken records than Miami Cuban exiles or freepers.