Sunday, June 24, 2007

A World Bank chalenger

Time, July 2, 2007

BANK OF THE SOUTH First the Paul Wolfowitz scandal, and now this: at the end of the month, "Banco del Sur" will launch as a direct competitor to the World Bank, at least in South America. The brainchild of Venezuela's President Hugo Chavez, who has long railed against the meddling of the Washington dominated World Bank and IMF, the development bank got a credibility boost when Brazil, Argentina and other signed on as founding members. With the region's new oil wealth, the dream of locally funding big infrastructure projects without First World interference may be closer than ever.

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