For years many residents have sen the World Bank as a draw back and IMF as a source of repression. Seven countries have acted on the behalf of many.



BUENOS AIRES, Dec 9 (Reuters) - Seven South American countries founded on Sunday a development bank to demonstrate their independence from multilateral lending practices that some have blamed for past economic crises.

The presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, and a representative of Uruguay, signed an act forming the Bank of the South ahead of Monday's inauguration of new Argentine president Cristina Fernandez de Kirchner


LINK

This seems like good news. The more independent they are the better. IMO.

The countries doing this feel they are crapped on by the world bank and IMF. It looks look they are trying to find away to keep the area free of the bullsh*t that is crsapping on places like central europe.

I wish we'd get out of all this world stuff. I don't think it will do us any good. But I think we ARE this world stuff.

Globalization has made many millionaires, but unfortunately it has come on the backs of the workers.