In accordance with his aim of moving Latin America more to the left, and away from US-influenced institutions such as the World Bank and the Inter-American Development Bank, the Venezuelan head of state has pushed the idea of a Bank of the South. However, ahead of a meeting, scheduled for mid-August in Rio de Janeiro, Brazil and Venezuela are in disagreement over its base of operations, size, start-up capital and mission. The disagreements highlight the growing differences between President Lula of Brazil, who has embraced market-friendly policies, and Chávez.
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