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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