Seven Latin American countries have founded a new bank which is the creation of Venezuela President Hugo H. Chávez. Co-founders are Brazil, Argentina, Paraguay, Uruguay, Bolivia and Ecuador. Headquarters will be in Buenos Aires. With a capitalization of $7 billion (U.S.) it is expected to prioritize roads, energy and other infrastructure…Experts believe The Bank of the South will divide South American trade and development matters into two blocks: those who have trade agreements with the U.S. - - like Mexico, Chile, and Central America - - and those who do not.
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