Chavez proposes ‘Bank of the South’Chávez also proposed the formation of a “Commission of the South,” which will be lead by non other than the Cuban skeletor, fidel castro. The Commission will advance the idea of the integration of Latin-American states, becoming a singular economic block and common coinage, and with Chávez at the helm.
Havana, Sept 16: Venezuelan President Hugo Chavez has proposed the creation of a Bank of South American nation to use international reserves for financing the development of these countries. "If we are going to have a Bank of the South, we cannot lose one single day to use our international reserves to finance our development," he told the 14th summit of 118-nation NAM here yesterday.
"Where are our reserves today?... In the countries of the North. This is about re-launching the potential of NAM and the basis of unity of this movement," Chavez said. Read [more].
El trabajo de esta comisión estaría centrado, según Chávez, en temas que en reiteradas ocasiones el mandatario ha mencionado. Un Banco del Sur, una petrolera del Sur, un sistema universitario y una televisora, se encontrarían entre las “propuestas” que Chávez ha planteado al resto de países de América del Sur, según dijo. More [in Spanish].Translation: The work of this commission would be centered…one bank of the South, one oil company of the South, one university system and one television network.