Six countries signed an agreement to create the Bank of the South, a development bank between Argentina, Venezuela, Brazil, Bolivia, Ecuador and Paraguay. Uruguay will sign on later.
The bank is supposed to improve economic growth with credit for infrastructure and private projects, and also, Venezuelan president Hugo Chavez said, to eventually replace the U.S. dollar and accordingly the IMF and World Bank.
Head offices will be in Caracas, Venezuela.
Read more here.
What do you think? Good idea? Bad idea?
Source: The Hindu
Photo: whitehouse.gov, Nestor Kirchner of Argentina, whose wife recently won the presidential election, and George Bush
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