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WASHINGTON (Reuters) -- Brazil wants to be part of creating a new South American multilateral bank, the brainchild of Venezuela and Argentina.
The project, called Bank of the South, aims to offer Latin America an alternative to traditional lenders like the World Bank and the Inter-American Development Bank.
Brazil's decision came after Mantega met Friday night with Venezuelan, Argentine, Bolivian and Ecuadorean officials at the World Bank.
The addition of Brazil to the Bank of the South will be very beneficial to the fund since Brazil has the biggest financial reserves in Latin America. Brazil, with 110.5 billion US dollars in currency reserves towers over Venezuela and Argentina, which have $31.3 billion and $37.5 billion respectively.
Venezuela had initially agreed to inject $1.4 billion into the bank and Argentina would provide $350 million, or 10 percent of their total reserves. The incorporation of Brazil, however, will give the fund a significantly larger capacity by almost doubling the total amount of credit available.
The Bank of the South, initiated by Venezuelan President Hugo Chavez, is being developed jointly by South American countries as an alternative to the World Bank and the International Monetary Fund. Since these organizations demand certain conditions from governments to which they lend money...
...in order to free the nations of the region from the IMF and World Bank. Unlike these organizations, the Bank of the South will be managed and funded by the countries of the region with the intention of funding social and economic development without political conditions. Among the first projects that they will fund is an 8,000 kilometer gas pipeline across South America.
Chavez has emphasized that the bank should maintain principles of solidarity and cooperation among the countries of the region, always keeping the control of the institution among the countries of the region. Chavez hopes to have the project will be launched by the end of June, and the Bank should begin operations sometime late this year.
Originally posted by Gools
I expect the political rhetoric to be ratcheted-up in the near future.
Mythatsabigprobe: If there is a such thing as the NWO and if Bush is supposed to be part of thise scheme...he's probably the worst NWO member to hit the NWO circuit because he's done more to break down world order then anyone else in our history. LOL
Originally posted by Vitchilo
Well no. The Iraq war is going well according to the NWO objectives but now people in the US wants to get out... that is bad. But the police state is growing, mission accomplished. North American Union is forming, mission accomplished. What is he bad in? Propaganda? Well Bush is only a puppet... when democrats take over people will return to sleep, I hope they doesn't but republicans did when Bush came...
I think South America will be in the target soon... just after Iran/Pakistan. Couple of assassinations... or overthrows... or war... or just pay them...
Originally posted by Justin Oldham
This is yet more proof of what many ATS members have known since atleast 2004. I and others here have been aware of it since November of 2001. I know there is still some disagreement over motive, but I am going to stand on what I've said all along. This is one more step toward the creation of an anti-American trading block.
The right course is not to return to a mythical past of monetary sovereignty, with governments controlling local interest and exchange rates in blissful ignorance of the rest of the world. Governments must let go of the fatal notion that nationhood requires them to make and control the money used in their territory. National currencies and global markets simply do not mix; together they make a deadly brew of currency crises and geopolitical tension and create ready pretexts for damaging protectionism. In order to globalize safely, countries should abandon monetary nationalism and abolish unwanted currencies, the source of much of today's instability...Benn Steil is Director of International economics - CFR