The finance and economy ministers of
"There will not be credit subjected to economic policies. There will not be credit that produces a calamity for our people and as a result, it will not be a tool of domination," said Venezuelan Finance Minister Rodrigo Cabeza.
Chavez speaks of liberating regional countries from the tutelage of the IMF, the World Bank and the Washington-based Inter-American Development Bank (IDB) which, he argues, impose economic policies that condemn millions to poverty.
Bolstered by robust economic growth, Latin American countries are displaying a new assertiveness toward the IMF now that several of them -- notably
The Bank of the South is supposed to finance public and private projects for development and regional integration. The official launch and the signing of a founding charter is set for November 3 in