Brazil looks to join Chavez-backed bank

Brazil wants to be part of creating a new South American multilateral bank, the brainchild of Venezuela and Argentina, Brazilian Finance Minister Guido Mantega said Saturday.

The project, called Bank of the South, aims to offer Latin America an alternative to traditional lenders like the World Bank and the Inter-American Development Bank.

Venezuelan President Hugo Chavez, a foe of U.S. policies, claims that the Washington-based multilateral lenders are heavily influenced by U.S. interests.

Brazil's decision came after Mantega met Friday night with Venezuelan, Argentine, Bolivian and Ecuadorean officials at the World Bank. The officials were in town for the IMF and World Bank spring meetings over the weekend.
...