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The Bank of the South
Venezuelan President Hugo Chavez is making headlines once again. Only months after he proposed scrapping presidential term limits, his new plan to create the Bank of the South is moving forward. The Bank will finance regional development projects and would enhance, and perhaps ultimately replace, Washington-based and U.S. controlled institutions like the World Bank, the International Monetary Fund (IMF), and the Inter-American Development Bank (IDB) as the main source of external funding for Latin American development projects.