The Bank of the South (Spanish Countries where Spanish has official status. States of the U.S. where Spanish has no official status but is spoken by 25% or more of the population. States of the U.S. where Spanish has no official status but is spoken by 10-20% of the population. States of the U.S. where Spanish has no official status but is spoken by 5-9.9% of the population: Banco del Sur, Portuguese Portuguese ( português or língua portuguesa) is a Romance language that grew from the Latin descended Galician-Portuguese language that was spoken in the mediaeval Kingdom of Galicia, whose territory is now divided between northern Portugal, Galicia and Asturias. It also absorbed influences from the Romance and Arabic languages spoken in the: Banco do Sul, Dutch Dutch ( Nederlands ) is a West Germanic language spoken by over 22 million people as a native language and over 5 million people as a second language. Most native speakers live in the Netherlands, Belgium, and Suriname, with smaller groups of speakers in parts of France, Germany and several former Dutch colonies. It is closely related to other: Bank van het Zuiden); or BancoSur is a monetary fund and lending organization established on September 26, 2009 by Argentina The Argentine claims in Antarctica along with the Falkland Islands, South Georgia, and the South Sandwich Islands (administered by the United Kingdom) shown in light green, Brazil Brazil (pronounced /brəˈzɪl/ ; Portuguese: Brasil, IPA: [bɾaˈziw]), officially the Federative Republic of Brazil (Portuguese: República Federativa do Brasil, listen (help·info)), is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population. It is the only Portuguese-speaking, Paraguay Paraguay (pronounced /ˈpɛrəgweɪ/ ), officially the Republic of Paraguay (Spanish: República del Paraguay, pronounced [reˈpuβlika ðel paɾaˈɣwai]; Guaraní: Tetã Paraguái /teˈtã paɾaˈgʷaj/), is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to the east and northeast, and, Uruguay Uruguay (pronounced /ˈjʊərəɡwaɪ/ , Spanish pronunciation: [uɾuˈɣwai]), officially the Oriental Republic of Uruguay (sometimes rendered as the Eastern Republic of Uruguay in the English language; Spanish: República Oriental del Uruguay, pronounced [reˈpuβlika oɾjenˈtal del uɾuˈɣwai]), is a country located in the southeastern part, Ecuador Ecuador (pronounced /ˈɛkwədɔr/ ), officially the Republic of Ecuador (Spanish: República del Ecuador, pronounced [reˈpuβlika ðel ekwaˈðor]), literally, "Republic of the equator") is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to, Bolivia Coordinates: 16°42′43″S 64°39′58″W / 16.712°S 64.666°W Bolivia (pronounced /bəˈlɪviə/ ), officially known as the Plurinational State of Bolivia, (Spanish: Estado Plurinacional de Bolivia, IPA: [esˈtaðo pluɾinasjoˈnal de βoˈliβja]) is a landlocked country in central South America. It is bordered by Brazil to the North and Venezuela Venezuela (pronounced /ˌvɛnɨˈzweɪlə/ ; Spanish: [beneˈswela]), officially called the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a tropical country on the northern coast of South America. It is a continental mainland with numerous islands located off its coastline in the Caribbean Sea. The republic is with an initial capital of 20 billion U.S. dollars. Argentina, Venezuela and Brazil were to have each pledged $4 billion, while Uruguay, Ecuador, Paraguay and Bolivia were to have chipped in smaller amounts.[1][2] The intention of the bank is to lend money to nations in the Americas for the construction of social programs and infrastructure.

The project has been endorsed by Nobel Prize The Nobel Prizes are annual international awards bestowed by Scandinavian committees in recognition of cultural and scientific advances. They were established in 1895 by the Swedish chemist Alfred Nobel, the inventor of dynamite. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901. The winning, former World Bank World Bank is a term used to describe an international financial institution that provides leveraged loans to developing countries for capital programs. The World Bank has a stated goal of reducing poverty economist Joseph Stiglitz Joseph Eugene Stiglitz is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of, with him saying that "One of the advantages of having a Bank of the South is that it would reflect the perspectives of those in the south," and that "It is a good thing to have competition in most markets, including the market for development lending."[3]

Contents

Plans and Involvement

Rafael Correa Rafael Vicente Correa Delgado is the President of the Republic of Ecuador and the current President pro tempore of the Union of South American Nations. An economist educated in Ecuador, Belgium and the United States, he briefly served as his country's Finance Minister in 2005. He was elected President in late 2006 and took office in January 2007, Evo Morales Juan Evo Morales Ayma , popularly known as Evo (Spanish pronunciation: [ˈeβo]), has been the President of Bolivia since 2006, Néstor Kirchner Néstor Carlos Kirchner was the President of Argentina from May 25, 2003 until December 10, 2007. A Justicialist, Kirchner was previously Governor of the Province of Santa Cruz. Currently, Kirchner is a National Deputy, elected for Buenos Aires Province in 2009. Néstor Kirchner was designated Secretary-general of UNASUR on 4 May, 2010, Cristina Fernández, Luiz Inacio Lula Da Silva Luiz Inácio Lula da Silva , known popularly as Lula is the thirty-fifth and current President of Brazil, Nicanor Duarte Óscar Nicanor Duarte Frutos is a Paraguayan politician who served as President of Paraguay from 2003 to 2008. He currently holds the title of Senator for life, and Hugo Chávez Hugo Rafael Chávez Frías is the President of Venezuela. As the leader of the Bolivarian Revolution, Chávez promotes a political doctrine of participatory democracy, socialism and Latin American and Caribbean cooperation. He is also a critic of neoliberalism, globalization, and United States foreign policy at the signing of the founding charter of the Bank of the South

The ultimate goal of the Bank of the South is to include every state within the region of South America. It has been established because of disapproval of the protocol of the World Bank World Bank is a term used to describe an international financial institution that provides leveraged loans to developing countries for capital programs. The World Bank has a stated goal of reducing poverty and IMF The International Monetary Fund is the intergovernmental organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rate and the balance of payments. It is an organization formed with a stated objective of stabilizing international exchange, in particular the enforcement of unrelated free market reforms on countries seeking emergency loans.[4] It also represents an attempt to achieve regional independence and endogenous development. The program would lend money to any nation involved in the construction of approved programs, and without conditions traditionally attached to such loans, such as deregulation.

The Bank is intended as an alternative to borrowing from the IMF The International Monetary Fund is the international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rate and the balance of payments and the World Bank World Bank is a term used to describe an international financial institution that provides leveraged loans to developing countries for capital programs. The World Bank has a stated goal of reducing poverty. Hugo Chávez has promised to withdraw from the IMF and encourages other member states to do so as well, Indeed Latin America's dependence on the IMF fell dramatically between 2005 and 2008, with outstanding loans falling from 80% of the IMF's $81bn loan portfolio, to 1% of the IMF's $17bn of outstanding loans.[5] Brazil and Argentina are also refusing to borrow from the IMF again. In 2005, Latin America made up 80% of the IMF's lending portfolio. With Latin American countries refusing to continue dealing with it, that percentage dropped to 1% by 2007.[4]

It is proposed that all member countries contribute fairly equal shares to the Bank's initial capital of fourteen billion reais (seven billion dollars) so that no member state will control a dominant share. Argentina joined with Venezuela to officially propose such an initiative, but Brazil also became a major player.[6]

History

The concept was first raised during the first presidential campaign of Venezuelan President Hugo Chavez, in 1998.[5] The concept was originally launched in 2006 in cooperation between Venezuela and Argentina, led by their respective Presidents Hugo Chavez Hugo Rafael Chávez Frías is the current President of Venezuela. As a critic of neoliberalism, globalization, and United States foreign policy, Chávez has promoted the doctrines of socialism, participatory democracy and Latin American and Caribbean cooperation and Nestor Kirchner Néstor Carlos Kirchner was the President of Argentina from May 25, 2003 until December 10, 2007. A Justicialist, Kirchner was previously Governor of the Province of Santa Cruz. Currently, Kirchner is a National Deputy, elected for Buenos Aires Province in 2009. Kirchner was designated Secretary-General of UNASUR on May 4, 2010.[7] In April 2007 2010 · January | February | March | April | May | June | July | August | September | October | November | December , Brazil agreed to join.[8]

In May 2007, a meeting in Quito San Francisco de Quito, most often called Quito , is the capital city of Ecuador in northwestern South America. It is located in north-central Ecuador in the Guayllabamba river basin, on the eastern slopes of Pichincha, an active stratovolcano in the Andes mountains. With a population of 1,397,698 according to the last census (2001), and, as led to the official creation of the bank, and was said to indisputably signify another step towards Latin American integration.[6]

Seven South American nations met in Rio de Janeiro Rio de Janeiro , commonly referred to simply as Rio, is the capital city of the State of Rio de Janeiro, the second largest city of Brazil and the third largest metropolitan area and agglomeration in South America, 6th largest in the Americas on October 8, 2007, to plan the beginning of the Bank. It was announced that the Bank will be headquartered in Caracas Caracas , officially Santiago de León de Caracas, is the capital and largest city of Venezuela. It is located in the northern part of the country, following the contours of the narrow Caracas Valley on the Venezuelan coastal mountain range (Cordillera de la Costa). The valley's temperatures are springlike. Terrain suitable for building lies, Venezuela Venezuela (pronounced /ˌvɛnɨˈzweɪlə/ ; Spanish: [beneˈswela]), officially called the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a tropical country on the northern coast of South America. It is a continental mainland with numerous islands located off its coastline in the Caribbean Sea. The republic is, and would begin operations on November 3, 2007; this was later postponed to 5 December 2007,[9] and then to 9 December 2007.[10] Representatives from Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela were present at the meeting. All 12 South American countries will be eligible to borrow from the Bank.[11] In a surprise move, Colombia Colombia (pronounced /kəˈlʌmbiə/ ), officially the Republic of Colombia (Spanish: República de Colombia, pronounced [reˈpuβlika ðe koˈlombja] ( listen)), is a constitutional republic in northwestern South America. Colombia is bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; formally requested membership in the bank on 13 October 2007.[12] As of April 25, 2008, the bank was still awaiting its member nations to have their local legislatures approve their individual capital investments. Member voting rights were yet to be determined at that time.[13]

In March 2009 a number of Latin American nations agreed to contribute $7 billion towards the bank's start-up capital. Venezuela, Argentina, and Brazil are to contribute $2 billion each, and Ecuador, Bolivia, Paraguay, and Uruguay agreed to contribute varying amounts to provide the remaining $1 billion.[14]

On Saturday, September 26, 2009, the presidents of Argentina The Argentine claims in Antarctica along with the Falkland Islands, South Georgia, and the South Sandwich Islands (administered by the United Kingdom) shown in light green, Brazil Brazil (pronounced /brəˈzɪl/ ; Portuguese: Brasil, IPA: [bɾaˈziw]), officially the Federative Republic of Brazil (Portuguese: República Federativa do Brasil, listen (help·info)), is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population. It is the only Portuguese-speaking, Paraguay Paraguay (pronounced /ˈpɛrəgweɪ/ ), officially the Republic of Paraguay (Spanish: República del Paraguay, pronounced [reˈpuβlika ðel paɾaˈɣwai]; Guaraní: Tetã Paraguái /teˈtã paɾaˈgʷaj/), is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to the east and northeast, and, Uruguay Uruguay (pronounced /ˈjʊərəɡwaɪ/ , Spanish pronunciation: [uɾuˈɣwai]), officially the Oriental Republic of Uruguay (sometimes rendered as the Eastern Republic of Uruguay in the English language; Spanish: República Oriental del Uruguay, pronounced [reˈpuβlika oɾjenˈtal del uɾuˈɣwai]), is a country located in the southeastern part, Ecuador Ecuador (pronounced /ˈɛkwədɔr/ ), officially the Republic of Ecuador (Spanish: República del Ecuador, pronounced [reˈpuβlika ðel ekwaˈðor]), literally, "Republic of the equator") is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to, Bolivia Coordinates: 16°42′43″S 64°39′58″W / 16.712°S 64.666°W Bolivia (pronounced /bəˈlɪviə/ ), officially known as the Plurinational State of Bolivia, (Spanish: Estado Plurinacional de Bolivia, IPA: [esˈtaðo pluɾinasjoˈnal de βoˈliβja]) is a landlocked country in central South America. It is bordered by Brazil to the North and Venezuela Venezuela (pronounced /ˌvɛnɨˈzweɪlə/ ; Spanish: [beneˈswela]), officially called the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a tropical country on the northern coast of South America. It is a continental mainland with numerous islands located off its coastline in the Caribbean Sea. The republic is signed an agreement establishing the South Bank with an initial capital of 20 billion U.S. dollars. Leaders including Brazilian President Luiz Inácio Lula da Silva Luiz Inácio Lula da Silva , known popularly as Lula, is the thirty-fifth and current President of Brazil and Argentina's Cristina Fernández de Kirchner Cristina Elizabet Fernández de Kirchner , commonly known as Cristina Fernández or Cristina Kirchner, is the current President of Argentina. A member of the Justicialist Party, she was a Senator for Buenos Aires Province before taking office. She is the wife of Néstor Kirchner, current Secretary General of UNASUR and former President of formally signed on to the pact and announced that the starting capital would be $20 billion. It was unclear how much each country would contribute, but under the previous $7 billion figure announced in May, Argentina, Venezuela and Brazil were to have each pledged $2 billion, while Uruguay, Ecuador, Paraguay and Bolivia were to have chipped in smaller amounts.[1][2]

See also

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