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Latin American Presidents Found Bank of the South
Via NY Transfer News Collective * All the News that Doesn't Fit
Agencia Cubana de Noticias (ACN)
http://ainch.ain.cu/mailman/listinfo/ingles
Latin American Presidents Found Bank of the South
Havana, Dec 10, (acn) The Presidents of Brazil, Venezuela, Paraguay,
Bolivia, Ecuador, Uruguay and Argentina officially founded the Bank of
the South on Sunday aimed to sponsor regional projects.
The Bank of the South will open with an initial capital of seven
billion dollars, coming from the seven member countries' international
reserves, re****ts Granma newspaper.
After the signing ceremony, Bolivian President Evo Morales highlighted
the historic im****tance of the moment and said it is also a good step
towards the creation of a single currency.
Brazilian President Luiz Inacio Lula da Silva, called the event a
decisive step towards regional integration to promote development in
key areas such as infrastructure and social programs.
Lula announced that Uruguayan President Tabare Vazquez, who didn't
attend the ceremony, would arrive Monday to sign the accord.
Lula expressed his hope that the other countries of the region join to
make the institution advance. He noted that it will be the first bank
truly controlled by the countries of the region and will lessen the
dependence on the US dollar for commercial transactions.
Ecuadorian President Rafael Correa said the bank's founding is a step
towards making the utopia of one America, envisioned by liberator Simon
Bolivar. He said a new financial institution is being born to reverse
the selfishness and subordination to the international organisms.
Nicanor Duarte, the Paraguayan president, said the Bank of the South
opens a process of financial sovereignty, political liberation and
cultural independence.
Venezuela's Hugo Chavez noted the coincidence of the meeting to found
the Bank of the South with the anniversary of the Battle of Ayacucho,
183 years earlier, when the independence heroes affirmed that unity is
the only path to true freedom and self-determination.
The host leader, outgoing President Nestor Kirchner, recounted his term
in office and the relations established with his colleagues. He thanked
each of them for the close ties established to consolidate Latin
American integration.
Among the main functions of the new bank will be financing development
projects in key economic sectors to improve competitiveness and
scientific and technological development.
*
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