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South Bank, a project that marks the change on the continent

"The South Bank is the beginning of what we do, "described Nicanor Duarte Frutos, President of Paraguay, in the act of launching the regional financial institution. It was last night in the White Hall of the Casa Rosada, with Nestor Kirchner and Cristina Fernández as hosts. In addition to Paraguay, were the leaders of Brazil, Lula da Silva, Venezuela, Hugo Chavez, Bolivia, Evo Morales and Ecuador, Rafael Correa. The only absentee, with notice, was the Tabaré Vázquez, that only now add his signature to the founding charter of the credit agency. In a match full of praise crossed the empty chair was left clear demonstration of the deterioration of the relationship with Argentina. "It's the first time that South American countries have in hand the management of a financial institution of this kind," praised Lula, before Chavez spoke of "financial empowerment" and Correa urge the seven partners to repatriate the 250,000 million dollars of foreign reserves that together have invested in the core countries to leverage regional development.

Upon signing the founding charter remains a difficult stage. Ministers of Economy and Finance of the seven countries will meet in the next 60 days, a battery of key operational issues that will give the bank its final profile. The first is to determine how much each country will contribute and what the initial capital of the entity. In previous negotiations were considered different alternatives, ranging from 6000 to 10,000 million dollars. The number being stronger ending was 7000 million, but is not yet final. Argentina, Brazil and Venezuela integrate more than 50 percent of that amount, although it would set a schedule of five or more years to complete disbursements.

meetings in the next two months will also have to figure out what proportion of the loanable amount received by each country, to what extent it is tied to what they have contributed to the functioning of the bank and how many staff each nation sent to key agencies selection of projects to fund and analysis on the feasibility of such initiatives. Until now it was resolved that the highest decision-making body will be a Governing Council composed of ministers of Finance and Economy, within which each country shall be entitled to one vote. But that body will receive the recommendations of technical offices that will make an initial choice of projects.

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bank's head office is in Caracas and there will be two regional offices in Buenos Aires and La Paz. The partners have yet to choose who will be the first president. There are good chances of being an Argentine, while the second alternative is that the responsibility rests with a representative of one of the smaller countries. That is, it would be neither a Brazilian and a Venezuelan.

As it begins to operate, supposedly in two months, the Banco del Sur should prove a useful tool to finance development of the region and not merely a bureaucratic structure. But that is a challenge for later. The concrete at this point is that the creation of the entity reflects better than anything the times in the economic sphere. Just as the '90s were marked by the Washington Consensus and the uncritical reception of these recipes by most Latin American countries, the IMF as omnipresent instructor, this stage shows that the region seeks to regain autonomy in decision decisions. The accumulation of reserves in central banks is part of the process and another example of how these nations began to imagine solutions from within, upon confirming that the international lending agencies led to a worsening of his continuing problems with constraints.

One of the objectives of the South Bank is to build regional balance, that the poorest countries and major weaknesses in infrastructure can make a leap in its development. The institution must provide funding for that mission. The Minister of Finance of Bolivia, Luis Arce, said his country needs funds to grow the state oil company YPFB, to mining companies and other energy projects. "We are the hope and opportunity, as having received debt relief, the doors are closed to access credit from long-term market," he said. "The financial institution will be of great help to the region. No more dependence on international agencies to obtain credit for production, "the Paraguayan senator Alfonso González, president of the Mercosur Parliament.

Unlike the national development banks such as BNDES in Brazil, South Bank does not conduct its loans directly to businesses, but to finance projects submitted by countries. Then each nation will redirect resources as they see fit. Argentina would seek support to expand technology businesses. The project must be oriented to the productive development, infrastructure and social action. The president of Bolivia, Evo Morales, said the bank would also provide loans to public enterprises and social enterprises.

A central issue is that the recovery of claims is effective. If countries do not cancel the loan in a timely manner, the entity will lose weight and lending capacity. The bet is to consolidate the growth of economies, making based on infrastructure, expansion devices productive and social cohesion. "We need to stop financial dependence," summarized the Ecuadorian Correa. "There comes a time when we have much to do," he harangued. David Cufré


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Dresses Under The Knee

CRISTINA FERNANDEZ MERCOSUR CLAIMS AND SOUTH BANK

Cristina Fernandez de Kirchner, Argentina's new president, said today the creation of Banco del Sur "as a tool for social and economic transformation "of Latin America, and called for the incorporation of Venezuela into Mercosur" shortly. "
Fernandez made his definitions for the economic integration of the region, during the inauguration ceremony held today in the Argentine Congress in the presence of nine American presidents. President Fernandez also asked for the release of former Colombian presidential candidate Ingrid Betancourt and promised "all diplomatic efforts" towards the humanitarian exchange, encouraging the relatives of the hostage of the FARC and French President Nicolas Sarkozy. Fernández
invoked "God" to "enlighten the president of the beloved and sister republic of Colombia, Alvaro Uribe, in order to" shine a solution which requires international humanitarian law, without implying in any way interfere the internal affairs of another country, "he told the Legislature of his country.
In the presence of President Uribe and the mother of Betancourt, special guest at the inauguration ceremony, Cristina Fernandez asked his Colombian counterpart, "put all the effort, all the will to avoid reaching a solution too late."
Fernandez claimed the Mercosur and said it expects to close the "energy equation" in the region with the incorporation of Venezuela "shortly." Cristina Fernandez said the presidents of Bolivia, Ecuador, Brazil, Paraguay and Venezuela signed on Sunday in Buenos Aires the creation of Banco del Sur, along with Argentina.

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Enumeration of the presidents was met with applause from the audience, which devoted a special cheers to Hugo Chavez. Fernandez appeared to deviate from protocol when he went directly to Vázquez, President of Uruguay, to say "not get me any gesture that aggravate" the current conflict in the Botnia pulp mill already operating in the neighboring country.

Cristina Fernandez, thanked "the presence" of the president of Uruguay who came to the Argentine Congress on the time of initiation of the act of taking, to avoid a possible protest by members of the Assembly of Gualeguaychú.
But the flamboyant president then added that Argentina "is not attributable" to the conflict and Uruguay pulp mill "has violated the Treaty of the River Uruguay", prompting the government because of her husband, Nestor Kirchner, to attend the International Court in The Hague, which has yet to rule on the dispute. "With the same sincerity I say that this cross today we are not attributable" to Argentina, for Uruguay "has violated the Uruguay River treaty to install the pulp mills," chided the president in his inaugural address. Fernández complaints were received with applause and cheers by Argentine lawmakers sign of support, while President Uruguay tried, a few meters away, his face mask any reaction. The new president also addressed "the Uruguayan people" saying: "you can be certain that the feel and always feel like our brothers. That does not have any doubt." Cabinet chief Alberto Fernandez, had previously concluded that Vazquez visited Buenos Aires "at least four hours" to attend the inauguration ceremony.
"would have been worse not to come," said Chief Cabinet on Uruguayan President Fernández.
Cristina Fernandez also ordered the "global terrorism" but at the same time and in a post that seemed destined to the United States criticized "The global violation of human rights."
Fernández emphasized that global terrorism "does not justify the global violation of human rights."
"I do not believe in that strategy paid and functional goals they (terrorists) are intended to achieve," stressed the president of Argentina. ACZ

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Games Of Strategy Dixit

South Bank, Financial Integration

(Ingrid Navarro Leonet-Abn) .- The Banco del Sur marks the prelude to the new financial architecture of the countries of the region in the context of integration, the minister of People's Power for Finances, Rodrigo Cabezas.

'The bank will allow the South American take on much of the economic destiny of our countries. This not only enable us finance programs and projects, but also deepen the integration between our peoples ", he said.

Also, this regional institution will in the medium and long term, raise issues as the single currency for South America, the use of national currencies, not dollars interegional trade. These elements would be a demonstration that the region begins to become the great economic bloc in this century.

Cabezas recalled that Latin America's international reserves exceed 420 billion dollars, most of them are placed on developed countries. The institution will

headquartered in Caracas and sub-venue located in Buenos Aires, Argentina and La Paz, Bolivia.

Among the projects are financed infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region. The record shall be signed by Argentina, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and Brazil.

These countries, he said heads are 111 billion dollars in resource flows, excluding gold, which could be used to benefit the region. Notably

today prior to the formal act of economy and finance ministers of the signatory countries meet for the purpose to finalize some details of the initiative that President Chávez promoted since the late 90's.

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Monologue Alice In Wonderland

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governments

Argentina, Brazil, Ecuador, Bolivia, Paraguay, Uruguay and Venezuela signed today December 9, 2007 in Buenos Aires the creation of Banco del Sur with an initial capital seven billion dollars. The South Bank is a proposal led by President of the Republic of Venezuela, Hugo Chávez Frías in 2004.

This is the last act of Nestor Kirchner as president of Argentina, which on Monday will hand over power to his wife, Cristina Fernandez de Kirchner, who won the general elections of 28 October. The founding of the Bank South will be held this Sunday to take advantage of the presence of the representatives also will be at the inauguration of Fernandez de Kirchner.

are awaiting the arrival of Brazilian President Luiz Inacio Lula da Silva, of Bolivia, Evo Morales, of Ecuador, Rafael Correa, of Paraguay, Nicanor Duarte, and Venezuela's Hugo Chávez, in the coming hours. The only president to be absent at the signing will Tabaré Vázquez, who warned that arrive in Buenos Aires on Monday morning just to attend the inauguration of the new head of state of Argentina.

The institution will be headquartered in Caracas and co-host located in Buenos Aires, Argentina and La Paz, Bolivia. The main task of the South Bank will finance projects to be financed include infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region.

international reserves in Latin America exceeded 420 billion dollars, most of them are placed on developed countries.

Initially, Venezuela, Brazil and Argentina are the main partners as they invested three thousand, two thousand and $ 800 million in respective manner.

South Bank arises in the middle of a continental need to end dependence on external agencies and political interference in the development of Latin American peoples, whose objective is the stagnation or decline of nations in the economic and social, which is a major challenge regional.

To do this, this new financial architecture requires a solid foundation from the ethical, economic, social political and governing the action plan arising founding republics, as well as the fundraising program and estimation initial capital.

In this regard, the President of the Republic of Argentina, Nestor Kirchner, said in February this year during a visit to Caracas, it is essential that the entity will drive a financial philosophy different from international banks have become over time "in a real punishment for the people" because with its interventionist actions affect the autonomous decisions of nations.

Moreover, the entity represents the momentum of projects to improve competitiveness and scientific and technological development, provide technical assistance, grant guarantees, bonds and guarantees, and be in the medium term, capacity to absorb part of foreign exchange reserves of member countries, now deposited in the U.S. and Europe.

Similarly, the South Bank should issue bonds, promissory notes, debentures and any other instruments and act as underwriter of securities of its partners, will pick up all kinds of financial resources and in any form and will assist in natural disaster.

addition, the leaders have indicated their intention to integrate more and more countries to the project to give more strength to it and extend its reach by supporting countries in Latin America.

"We have access to the South Bank the youngest and strongest banks are not selective, ie based in solidarity, without ever losing its financial request criteria, "said Kirchner, who will close out its mandate with the signing of this alliance.

For now, Chile has participated as an observer and Colombia, despite having applied for membership on 12 October, remains undecided, but the possibility of adhering to such financial alternative will remain open for decision by the seven founding countries.


strategic aspects still under discussion

This Saturday in the capital Buenos Aires, is conducting a meeting between the Ministers of Economy and Finance of the countries linked to the Banco del Sur, which aims is the definition of the initial capital of the company, until now estimated at $ 7 million, a figure that translates into 150, 5 billion Bolivars (Bs.F. 150.5 million).

The announcement, on 4 December, the Minister of Popular Power for Finances, Rodrigo Cabezas, who noted that in addition to the debate on the initial capital contribution, we will discuss other issues of concern such as governance bank, the formation of the board, the mechanism of the chair and equipment that agreement.

This preliminary meeting to sign the founding act will give a final nod to the statutes conformation of the entity, in which each country will have equal participation in decision making, unlike the aforementioned multilateral agencies where nations with the greatest contribution with the highest number of votes.

As the headquarters of the South Bank, has agreed to install a primary in Caracas, Venezuela, to be ready in the first quarter of 2008, so it will work temporarily in the building where the Special Fund Retirement and Pensions, on Solano Avenue, and two branches in Buenos Aires, Argentina and La Paz, Bolivia.

Thus, Latin America shows its real intent and full independence financially and continue on the path of economic growth and development that comes down from four years ago, with significant progress in reducing poverty and other social and economic aspects.

Thus, the Venezuelan President, during the XVII Ibero-American Summit, held in Chile, said that "only transforming the national structures, uniting, respecting each person's system, we will move in such projects and that is the real integration, overcoming our differences to achieve social justice ', referring, inter alia, the South Bank.

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