In July, 2004, the IMF and World Bank commemorated the 60th anniversary of their founding at Bretton Woods, NH to provide a financial framework of assistance for the postwar world after the expected defeat of Germany and Japan. With breathtaking hypocrisy, an October, 2004 Development Committee Communique stated: "As we celebrate the 60th anniversary of the Bretton Woods Institutions....we recommit ourselves to supporting efforts by developing countries to pursue sustainable growth, sound macroeconomic policies, debt sustainability, open trade, job creation, poverty reduction and good governance." Phew.
Last December, Hugo Chavez announced his idea for a Banco del Sur, or Bank of the South, as part of his crusade against the institutions of international capital he calls "tools of Washington." The bank will be officially launched at a presidential November 3 summit in Caracas, where it's to be headquartered, with seven founding member-states - Venezuela, Argentina, Brazil, Uruguay, Paraguay, Bolivia and Ecuador.
On October 12, Colombia's President Alvaro Uribe announced his nation agreed to become the eighth member but said "The decision is not a rejection to the World Bank or Inter-American Development Bank, but a sign of solidarity and fraternity towards the South American community." At this time, only four South American states aren't included - Chile, Peru, Guyana and Surinam, but Chile seems likely to come aboard following Colombia's lead, and the others may decide to join them.
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