Stiglitz praises Chavez's "Bank of the South"

Joseph Stiglitz, a former World Bank chief economist and Nobel laureate, commended plans put forward by Venezuela's president Hugo Chavez for a regional lender for Latin America.

Speaking on Wednesday, Stiglitz, who won the Nobel prize for economics in 2001, said: "It is a good thing to have competition in most markets, including the market for development lending."

The Bank of the South, which is due to open next month, is being created by Chavez to challenge the Washington-based lending

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