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argentinean president nestor kirchner, venezuela’s socialist president Hugo Chavez and four of their south american counterparts (bolivia, ecuador, brazil and paraguay) are joining forces to launch the "
bank of the south" (banco del sur) within months. it is part of the push, led by Venezuela, for latin American integration to challenge US corporate domination. reports state a number of asian countries have shown their interest as well. chavez is promoting the bank as a source of cheap credit for countries in the region and a non-exploitative alternative to the first world-controlled IMF and WB.
banco del sur already secured $7 billion in paid-in capital from the member countries.
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