[NYTr] Latin American Financial Independence
 
Date: Tue, 11 Dec 2007 22:23:23 -0600 (CST)

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Latin American Financial Independence

By Nestor NC:C1ez
AIN Special Service

Eight years after Venezuelan President Hugo Chavez's proposal, finally 
the Bank of the South has been born in Buenos Aires, Argentina. Created 
with the participation of Argentina, Paraguay, Brazil, Uruguay, 
Bolivia, Ecuador and Venezuela, the foundation document was signed a 
few hours after the swearing in ceremony of Argentina's President elect 
Cristina Fernandez, wife of out-going president Nestor Kirchner. 

Of course, the news would not have been welcomed by Washington, or by
its financial mafia, the International Monetary Fund and World Bank.
The reaction of other banking entities in the rest of the western
powers might have been the same. 

The Bank of the South begins its operations  with a fund of 7 billion
dollars and will at the same time propose as an important step, to pay
back to the countries of origin the over 250 billion dollars which have
been sent to the treasury of the industrial North under the alleged
excuse of the existence of a climate of financial and stable security
in those back yards. 

The operation of the new regional bank rests on the effective support
of the economic and social development of the area's nations, based on
solidarity and open understanding, which relates to people with the
same roots, similar goals and enormous common challenges.  

In an act of constitution, President Hugo Chavez pointed out that the
creation of the Bank of the South is another step towards independence
and a more profound integration of our nations and without a doubt he
is absolutely right. The presence of Argentina and Brazil, two of the
region's economic poles, constitutes a guarantee of success and
Venezuela itself, with an annual growth rate of 9 percent in its GDP,
important social programs and enormous energy reserves, as have Bolivia
and Ecuador also, two of the other signers. 

If the entity is consolidated, as is expected, South America and the
entire hemisphere south of the Rio Bravo will have gained an important
degree of independence. This is especially important, in the context of
a world where the egocentric hierarchy considers itself elected to
impose its will on the rest of humanity.

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