The International Monetary Fund Wednesday wondered about the feasibility of the envisaged Bank of the South in Latin America, a project strongly endorsed by Venezuelan President Hugo Chávez, but showed willingness to cooperate.
 
"I do not think this is a very clear idea, and anyway there is no agreement" on the likely organization of this new institution, Wednesday said John Lipsky, IMF First Deputy Managing Director, AFP reported.
   
The idea of building a regional fund of financial reserves that would allow some countries to make their funds available to other countries facing crisis, and without conditions, "is not very realistic."

Regardless of the new bank's characteristics, IMF "will certainly cooperate" with the new institution, Lipsky said.

Venezuela recently announced his upcoming withdrawal from IMF and the World Bank in order to create the Bank of the South.