Chavez, Allies, Launch Bank of the South.

Hugo Chavez and leaders of six other South American nations launched a regional development bank that they tout as the continent's answer to U.S.-influenced international lenders. Hugo Chavez and leaders of six other South American nations launched a regional development bank that they tout as the continent's answer to U.S.-influenced international lenders.

With as much as $7 billion in expected startup capital, backers say the Banco del Sur, or Bank of the South, will offer Latin American countries loans with fewer strings attached than those given by the World Bank, the International Monetary Fund or the Inter-American Development Bank. [...]

"Chavez has very large resources at his disposal and will continue to promote his vision for the hemisphere," said Peter DeShazo of the Washington-based Center for Strategic and International Studies.

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