Ecuador's Correa: `Bank of the South' Could Be a Step to New World Financial Architecture
May 4 (EIRNS)--The Finance Ministers of six South American nations meeting in Quito, Ecuador yesterday agreed to move forward on the creation of a new "Bank of the South," to give the region an independent institution-free of the IMF and the World Bank--with which to finance great regional development projects.
As the Finance Ministers were meeting, Lyndon LaRouche's statement in support of the effort to create the Bank of the South was covered on Ecuadorian radio and the Venezuelan press.
The Presidential website of Ecuador reports: "the ministers of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela hope to sign a founding document for the new bank by the end of June 2007, and then invite all the countries of the region to join.
It states, "[Rafael] Correa added, when we talk about the Bank of the South, we are not only talking about creating a new financial institution, but we are thinking about a new world financial architecture, based on the logic of cooperation and development, and not the logic of the market and competition, as the World Bank and IMF do."
Correa's reference to a new world financial architecture indicates he and other South American heads of state understand the real strategic significance of their battle for the Bank of the South, in this existential collapsing financial system.
Briefed on the successful conclusion of the Quito meeting, Lyndon LaRouche warned that "nastiness of a genocidal potential is to be anticipated from the international banking circles" threatened by this move to assert the right of sovereign nations to economic development.