To date, the Banco del Sur includes Venezuela, Bolivia, Ecuador, Uruguay, Paraguay, Brazil and Argentina, while Colombia recently stated that wanted to add the project.
Initially the bank will be limited to financing development in the next phase will be raised the possibility to create and strengthen a financial fund in Latin America.
In early October, the finance ministers of seven South American countries concluded in Rio de Janeiro the drafting of a founding charter of the bank, but have not yet reached agreement on the capital to take the institution and the form of provision of its members.
The bank will be headquartered in Caracas, and is estimated to begin with a capital of between 6,000 and 7,000 million dollars. --------------------------
historical and sovereign decision of the Heads of State Hugo Chávez and Néstor Kirchner signed the Memorandum of Understanding between the Bolivarian Republic of Venezuela and the Republic of Argentina, for the constitution of South Bank, within 120 days from 2002-2007, is the most appropriate contribution to the processes of development of nations as it seeks independence from the unacceptable conditions of the International Monetary Fund (IMF) and World Bank (WB).
IMF loans have been conditioned to reduce social spending and privatization of strategic industries and services of countries, while the Bank agrees to bad loans and imposes fines for consultants and social and infrastructure projects. In both cases, capital loans are expensive for the high cancellation service (amortization plus interest), which has resulted in inefficiency to overcome imbalances in the balance of payments and fiscal deficits.
The South Bank central objective to be pursued independent of neoliberal economic policies of the IMF and WB, as it seeks to reduce the deposit of domestic savings from the economies of the South American region in the Northern banks. It is also a precursor to the formation of the common currency of the South as response to the harmful effects of the dollar crisis. In short, points to the sovereign use of capital for our own interests, which should prioritize the implementation of structuring projects of the new South geopolitical integration, for example, physical infrastructure by land, air and sea.
food supply network.
network of integrated health system.
education system for processing.
connections energy pipelines.
sovereign
This initiative seeks to create and consolidate the democratization of capital to make viable and interconnection schemes integration with development processes against financial hegemony of the IMF, World Bank and transnational corporations in the dynamics of investment, trade and financial transactions.
South Bank sovereign represents the alternative to neoliberal globalization, because it will encourage the transformation of production structures giving priority to meeting the needs within the region through the complementarity of production, which will ensure the export projection the various plans for South American integration at the bilateral, subregional, regional, hemispheric and global.
In this perspective, South drives the new concept for financing the development process through the principles of cooperation, solidarity and mutual respect in order to articulate the sovereignty of states to self-determination of peoples, for this commitment to their strengths, potential and endogenous values, which is vital for participation and leadership of its own destiny from the human and the administration of their own natural resources and capital for the sake of independence and people's welfare.
The South Bank becomes the alternative of humanistic, democratic, social relevance and flexible closely linked to social and productive investment in accordance with the urgent strategic projects developed by the state diplomacy and diplomacy of the people. Edgardo Antonio Ramírez
IMF loans have been conditioned to reduce social spending and privatization of strategic industries and services of countries, while the Bank agrees to bad loans and imposes fines for consultants and social and infrastructure projects. In both cases, capital loans are expensive for the high cancellation service (amortization plus interest), which has resulted in inefficiency to overcome imbalances in the balance of payments and fiscal deficits.
The South Bank central objective to be pursued independent of neoliberal economic policies of the IMF and WB, as it seeks to reduce the deposit of domestic savings from the economies of the South American region in the Northern banks. It is also a precursor to the formation of the common currency of the South as response to the harmful effects of the dollar crisis. In short, points to the sovereign use of capital for our own interests, which should prioritize the implementation of structuring projects of the new South geopolitical integration, for example, physical infrastructure by land, air and sea.
food supply network.
network of integrated health system.
education system for processing.
connections energy pipelines.
sovereign
This initiative seeks to create and consolidate the democratization of capital to make viable and interconnection schemes integration with development processes against financial hegemony of the IMF, World Bank and transnational corporations in the dynamics of investment, trade and financial transactions.
South Bank sovereign represents the alternative to neoliberal globalization, because it will encourage the transformation of production structures giving priority to meeting the needs within the region through the complementarity of production, which will ensure the export projection the various plans for South American integration at the bilateral, subregional, regional, hemispheric and global.
In this perspective, South drives the new concept for financing the development process through the principles of cooperation, solidarity and mutual respect in order to articulate the sovereignty of states to self-determination of peoples, for this commitment to their strengths, potential and endogenous values, which is vital for participation and leadership of its own destiny from the human and the administration of their own natural resources and capital for the sake of independence and people's welfare.
The South Bank becomes the alternative of humanistic, democratic, social relevance and flexible closely linked to social and productive investment in accordance with the urgent strategic projects developed by the state diplomacy and diplomacy of the people. Edgardo Antonio Ramírez
general community councils south bank hugo chavez Venezuela policy economy socialist free blog PSUV xxi century socialism workers councils other constituents chavez Bolivarian Revolution democracy popular power parallel dollar economy social
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