South America launches new bank

Regional leaders see the bank as an alternative to US-led lenders Leaders from across South America have signed agreements setting up a new regional bank known as the Banco del Sur or Southern Bank. The body is designed to supersede the World Bank and International Monetary Fund (IMF), seen by many as responsible for failed policies in the region. Funded by regional powers such as Brazil, Argentina and Venezuela, it will aid economic and social projects. Each member will have one vote, irrespective of its size or funding./.../