LatAm leaders pledge $7bn to Bank of the South

Leaders from seven of Latin America's biggest economies have agreed to provide $7 billion as start-up capital to the Bank of the South, a proposed regional counterweight to the Washington-based Bretton Woods institutions.

Finance ministers from Argentina, Brazil and Venezuela on Friday pledged to donate $2 billion to the proposed development bank. Ecuador and Uruguay will offer $400m, and Bolivia and Paraguay $100m. Each country would have a vote on the bank's board. But projects of more than