Chavez, colleagues, to launch rival bank to IMF, World Bank

Host President Nestor Kirchner is to be joined by President Hugo Chavez of Venezuela, a major actor in forming the bank, and presidents Luiz Inacio Lula da Silva of Brazil; Tabare Vazquez of Uruguay; Rafael Correa of Ecuador; Nicanor Duarte Frutos of Paraguay; and Evo Morales of Bolivia.
Sunday will be Kirchner's last day in office before he steps aside for the inauguration of his successor, his wife and president-elect Cristina Fernandez. The presidents are expected to stay on for the inauguration on Monday.
The foundation principles of the Bank of the South - an initiative of Chavez - were agreed in early November in Rio de Janeiro by the finance ministers of the countries involved.