First Council of Banco del Sur Ministers Held in Caracas
By Denis Culum | The Argentina Independent | June 12, 2013
Economy ministers of member countries of Banco del Sur are meeting today in Caracas to define the operational details and implementation of this financial institution – a new regional funding entity independent of the International Monetary Fund (IMF) and the World Bank.
Hernán Lorenzino, the minister of economy and public finance of Argentina, Luis Arce, Bolivian minister of economy and Carlos Marcio Cozendey, secretary of international affairs at the Brazilian ministry of finance, have already arrived to the Venezuelan capital.
Paraguay is the only country that has not confirmed the attendance of any representative at the meeting.
Ministers are expected to establish a ‘start date’, when each country will have to make its contribution to the newly founded institution. As a full member and founder, Argentina will provide US$400 million to Banco del Sur.
Days ago, Ricardo Patiño, Ecuadorian foreign affairs minister, had stated that the new bank “can be used to bail out a country, small or big, and meanwhile not have to submit to the dictates and conditions of the IMF.”
Banco del Sur is a result of an initiative by the late leader of Venezuela, Hugo Chávez, and was formalised in February 2007 when he and then Argentine president Néstor Kirchner signed a memorandum of creation, which also included Bolivia, Ecuador, Uruguay, Brazil and Paraguay.
The South American financial institution aims to promote development, economic growth and improvement of infrastructure in all member countries.
The entity’s constitutive agreement establishes that Banco del Sur will have US$20bn of authorised resources and subscribed capital of US$10 billion, with US$7 billion in initial contributions by partner countries. A member contributes according to the capacity of its economy.
The headquarters of Banco del Sur which began preliminary operations on 3rd June is in Caracas, but also has offices in Buenos Aires and La Paz.
Related articles
- Venezuela arrests Colombian paramilitaries plotting instability (alethonews.wordpress.com)
- The Egypt-IMF loan negotiation: The soap opera continues (dailynewsegypt.com)
June 13, 2013 Posted by aletho | Economics, Solidarity and Activism, Timeless or most popular | Argentina, Banco del Sur, Bolivia, Brazil, Ecuador, Hugo Chávez, IMF, International Monetary Fund, Ricardo Patiño, Uruguay, Venezuela, World Bank | Leave a comment
Featured Video
David Miller on his victory over Zionism, Pax Judaica, and Jewish Supremacy
or go to
Aletho News Archives – Video-Images
From the Archives
The 11-Minute Pandemic Era Time Capsule They Tried to Bury
By Sayer Ji | August 18, 2026
A video time capsule of pandemic-era rhetoric is the top news story on X right now. Here is what it documents — and the one entry still missing from the record. … continue
Blog Roll
-
Join 2,445 other subscribers
Visits Since December 2009
- 7,676,313 hits
Looking for something?
Archives
Calendar
Categories
Aletho News Civil Liberties Corruption Deception Economics Environmentalism Ethnic Cleansing, Racism, Zionism Fake News False Flag Terrorism Full Spectrum Dominance Illegal Occupation Mainstream Media, Warmongering Malthusian Ideology, Phony Scarcity Militarism Progressive Hypocrite Russophobia Science and Pseudo-Science Solidarity and Activism Subjugation - Torture Supremacism, Social Darwinism Timeless or most popular Video War Crimes Wars for IsraelTags
Afghanistan Africa AIPAC al-Qaeda Australia BBC Benjamin Netanyahu Brazil Canada CDC Central Intelligence Agency China CIA CNN Covid-19 COVID-19 Vaccine Donald Trump Egypt European Union Facebook FBI FDA France Gaza Germany Google Hamas Hebron Hezbollah Hillary Clinton Human rights Hungary India Iran Iraq ISIS Israel Israeli settlement Japan Jerusalem Joe Biden Korea Latin America Lebanon Libya Middle East National Security Agency NATO New York Times North Korea NSA Obama Pakistan Palestine Poland Qatar Russia Sanctions against Iran Saudi Arabia Syria The Guardian Turkey Twitter UAE UK Ukraine United Nations United States USA Venezuela Washington Post West Bank WHO Yemen Zionism
Aletho News- Some Shattering Illusions of Our Declining Empire
- Can the US Outsmart Iran? /Lt Col Daniel Davis & Brian McGlinchey
- Jewish State Senator Jeremy Moss Faces Backlash over Hot Mic Comments
- Seven Interventions in Sixty Minutes
- Former Top Fauci Aide Pleads Guilty to Federal Charges. Will He Flip on Fauci?
- War on Iran pushes US debt toward $40 trillion as borrowing costs surge
- Terrorist With Years of Experience: Meet Ukraine’s New Defense Minister
- Senior Iranian MP warns France over ‘constant betrayals’ after Tehran expels diplomats
- NATO whines it cannot fight simultaneous wars against Russia, China and Iran
- David Miller on his victory over Zionism, Pax Judaica, and Jewish Supremacy
If Americans Knew- An error has occurred; the feed is probably down. Try again later.
No Tricks Zone- Comparison Of Two German Weather Forecasts: From 25 Years Ago And From Today
- Veteran Swiss Meteorologist On Germany’s Recent Heat Wave: “You’re A Really Crazy Country”
- New Research Documents The Lack Of Any Net Decline In GBR Coral Cover Since The 1980s
- New Study Details Massive Recent Sea Ice Expansion And Cooling In The Greenland Sea
- Germany Also Saw Extreme Drought Conditions In The 1940s…Worse Than Today
- Another New Study Links Modern And Past Global Warming To Natural Changes In Cloud Cover, Not CO2
- Uncertainty In Estimating Solar Forcing Across The Arctic Is 100-350x Larger Than CO2’s Alleged Climate Impact
- Farce Of The Week: Germany’s Weather Site Donnerwetter.de Attempts To Measure The Rhine River’s Temperature!
- Analysis: Robert Koch Institute’s Heat Death Model Is “A Joke”… Deaths “Assumed” To Be Due To Heat
- New Research Finds Increasing CO2 Induces Cooling In The Lower Atmosphere Over The Arctic
Contact:
atheonews (at) gmail.com
Disclaimer
This site is provided as a research and reference tool. Although we make every reasonable effort to ensure that the information and data provided at this site are useful, accurate, and current, we cannot guarantee that the information and data provided here will be error-free. By using this site, you assume all responsibility for and risk arising from your use of and reliance upon the contents of this site.
This site and the information available through it do not, and are not intended to constitute legal advice. Should you require legal advice, you should consult your own attorney.
Nothing within this site or linked to by this site constitutes investment advice or medical advice.
Materials accessible from or added to this site by third parties, such as comments posted, are strictly the responsibility of the third party who added such materials or made them accessible and we neither endorse nor undertake to control, monitor, edit or assume responsibility for any such third-party material.
The posting of stories, commentaries, reports, documents and links (embedded or otherwise) on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such posted material or parts therein.
The word “alleged” is deemed to occur before the word “fraud.” Since the rule of law still applies. To peasants, at least.
Fair Use
This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more info go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
DMCA Contact
This is information for anyone that wishes to challenge our “fair use” of copyrighted material.
If you are a legal copyright holder or a designated agent for such and you believe that content residing on or accessible through our website infringes a copyright and falls outside the boundaries of “Fair Use”, please send a notice of infringement by contacting atheonews@gmail.com.
We will respond and take necessary action immediately.
If notice is given of an alleged copyright violation we will act expeditiously to remove or disable access to the material(s) in question.
All 3rd party material posted on this website is copyright the respective owners / authors. Aletho News makes no claim of copyright on such material.
