By Mark Engler
In These Times
January 22, 2008
In the closing weeks of 2007, a region in revolt against the economics of corporate globalization issued its most unified declaration of independence to date.
On Dec. 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or the Bank of the South.
The Bank of the South will allow participating governments to use a percentage of their collective currency reserves to strengthen Latin America’s economy and promote cooperative development. It plans to begin lending as early as 2008 with around $7 billion in capital.
