The Bank Of The South...For Latin American...Finally Official.

BLOOMBERG/
The Bank of the South, a finance bank of South American countries, will start with $7 billion in capital and will grow to $20 billion.
The Presidents of Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela signed the foundational document on the sidelines of the Africa-South America Summit in Margarita Island, Venezuela after almost four years of attempts to form a regional financial institution.
“It’s our bank, to bring our reserves, those that were in countries in the North, to increase lending between ourselves,” Venezuelan President Hugo Chavez said yesterday.