The new bank will permit Ibero-America “to free ourselves of those chains which tie us to financial dependency,” Ecuador’s President Rafael Correa, one of the intellectual architects of the bank, told the press upon arriving in Buenos Aires today. “We have a common past. The time has come to seek a common destiny.” The bank will free the region from institutions such as the International Monetary Fund and the World Bank, which “have enslaved us with [their] credits,” Correa declared on his weekly national radio program Saturday.

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