TJP
THE JETHRO PROJECT
O R G A N I Z I N G F O R E F F I C I E N T O U T P U T
Venezuela Leaves the World Bank
Byron A. Ellis
Venezuela will no longer be a member of the International Monetary Fund (IMF) or the World Bank (WB). It has decided to create a multilateral Latin American Bank, Banco del Sur.
Chavez wants Latin America to create its own bank and cut off dependency from North America, particularly the United States. He believes that the institutions, such as the IMF and the WB were created to dominate the rest of the world.
Banco del Sur will be created with funds from Argentina, Bolivia, Brasil, Ecuador, Paraguay and Venezuela.
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