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The
signing of the agreement by seven South
American countries to form the Banco del
Sur (Bank of the South) may herald a new
era in development finance. The creation
of the Banco del Sur is part of a broader
trend within Latin America of governments
increasingly distancing themselves from
the IFIs that are widely perceived as
too biased in favour of US interests.
Even if this plan succeeds partially,
it will be an important source of hope
for the rest of the developing world.
February
14, 2008.
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