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Friday, May 11, 2007

Bank of South May Incorporate in June

Caracas, May 10 (Prensa Latina) The Venezuelan government has ratified its invitation to all South American countries to sign the foundational agreement of the Bank of the South on June 26, Finance Minister Rodrigo Cabezas said on Thursday.

Cabezas described the recent Quito meeting of MERCOSUR Finance and Economy ministers as "very positive," and that Ecuador and Brazil have joined Argentina, Bolivia and Paraguay in confirming their inclusion.

The Bank of the South will be an irreversible historic event in 2007 and we expect other countries to join, because South America must meet the challenge of building a new regional financial architecture, to "free us from financial mechanisms created by developed countries, including the International Monetary Fund and the World Bank," the minister s note said.

The Bank of the South will be administered by the governments and will be "the financial muscle to correct asymmetries and insufficient capital," Cabezas stressed.

"The Bank of the South will be an instrument that will overcome poverty, because there is a commitment to 200 million poor people in the continent," he concluded.

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