Ecuador's Correa: 'Bank of the South' Could Be a Step to New World Financial Architecture

4 de may de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>Ecuador's Correa: `Bank of the South' Could Be a Step to New World Financial Architecture</h1><p>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.</p><p>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.</p><p>The <i>Presidential website of Ecuador</i> 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.</p><p>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."</p><p>Correa's reference to a <b>new world financial architecture</b> 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.</p><p>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.</p></div></body>