Seven South American nations on Saturday signed an agreement to create a Bank of the South with startup capital of $20 billion.
The development bank has been touted by socialist Venezuelan President Hugo Chavez as a counterweight to U.S.
Leaders including Brazilian President Luiz Inacio Lula da Silva and Argentina's Cristina Fernandez formally signed on to the pact and announced that the starting capital would be $20 billion.
"We're signing (the agreement) tonight so that we can get started," Chavez said.
Chavez also offered to help create a "South-South bank" with African countries in the future. -----> Question: What do you hypothesize on as to how this bank will affect the rest of the world? Will it at all have an affect at all?
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Abbey Garcia
"Wait for the wisest of all counselors, Time.... [It] is the king of all men, he is their parent and their grave, and gives them what he will and not what they crave." - Pericles
I don't think it will really affect the world that much because most south american countries do not have very large economies. (Except Brazil and Maybe Argentina)
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Michael Paramo "To remain ignorant of what happened before you is to remain a child always" -Cicero
