Socialist latin american countries came together a few years ago and created the bank of the south, meant to be a counterbalance to the IMF and world bank. They felt those organizations fostered dependence on developed nations, and promoted neo-liberal economic policy changes in borrowing nations as a requirement to borrow money. The goal of the bank of the south was to allow borrowing for social programs w/o requiring neo-liberal changes.
Has it actually succeeded? Are Latin American countries rejecting the IMF and WB in favor of it? Does its lending extend beyond latin america? What programs are they funding? It seems like a great idea, I first heard of it a few years ago but never gave it much thought until recently.
Is this a good thing, or is there some unforseen negative side effect to offering an alternative to the IMF and WB? The only thing I can find is the wikipedia article.