Chavez, S. American Allies Launch Regional Bank

AP:

Hugo Chavez and leaders of six other South American nations launched a regional development bank that they tout as the continent's answer to U.S.-influenced international lenders.

With as much as $7 billion in expected startup capital, backers say the Banco del Sur, or Bank of the South, will offer 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.

Read the whole story: AP

Comments

[WorkingClass]

09:23 PM on 12/10/2007

VIVA CHAVEZ

YEEEEEEHAWWWWWW

[mrcontinental]

01:51 PM on 12/10/2007

Good luck guys. I wish you success in your attempt to kick out the vampiric banking scum. Watch your backs though.

[VivaZapata]

08:24 AM on 12/10/2007

Now he's really pissing them off. The question is: how is he pulling it off? The IMF is dangerous in ways organized crime can only dream of. If he doesn't fear for his life he's a fool. If he does, he's a bigger folk hero than che, guy fawkes, kevin barry, joe hill, etc., but he might end up just as dead.

[PaulCrouser]

03:48 AM on 12/10/2007

If this works perhaps it could be a model for other regional banks, say in Africa or even SE Asia. The point is to get alternatives to predatory lending channeled through the free market madness known as IMF, an absolute disaster waiting to happen.

This is all a tribute to Chavez's visionary leadership, and demonstrates quite dramatically why he is so feared by the Bush Administration. Without a doubt he is number one on the CIA's hit list (forget about Osama Bin Laden who actually is an unwitting Bush ally in the fake "war on terror", which is nothing more than a Republican campaign of fear mixed with corruption, basically an extension of the fake "war on drugs").

peace,
Paul