Correa sought permission from Paraguay’s President Fernando Lugo to retire from the first session of the Ibero-American summit so that he would not have to listen to the World Bank’s Vice-President for Latin America and the Caribbean, Pamela Cox. He said Cox should have begun her speech by apologising for “the damage the World Bank has inflicted on Latin America and the planet”. He then accused the World Bank of refusing to provide a US$100m loan to Ecuador, approved in 2005, because he had won election the following year and it disapproved of his government’s political project. “The World Bank is one of the heralds of neoliberalism in Latin America,” he said, adding that for the last few decades it had stood for “ideological fundamentalism of big capital and the interests of hegemonic countries.”
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