South American Nations Agree on Technical Rules for Bank of the South

South American Nations Agree on Technical Rules for Bank of the South 
By Tony Phillips

Seven Latin American Finance Ministers have agreed on the basis for establishing the Bank of the South. Given the current global financial crisis, some might question the logic of creating such a financial institution now. But Latin American leaders have acted now precisely to head off the kind of regional impact experienced in the late 90s and early 2000s.

Tony Phillips is a researcher and journalist on trade and multinational finance with an emphasis on dictatorships and the WTO, and a translator and analyst for the Americas Program atwww.americaspolicy.org. Much of Tony's work is published at http://projectallende.org/.