Adios, World Bank

From Nadia Martinez at TomPaine.com:

As the controversy around Iraq War architect Paul Wolfowitz’s uncertain future as president of the World Bank intensifies, the financial institution is not only losing supporters. It’s also losing victims. In Latin America, countries are paying off their World Bank loans early, cutting off ties with the Bank, and creating their own financing instruments to replace the world’s oldest multilateral lending agency.

Unfortunately, the latest corruption scandal involving questionable promotions and outrageous salary increases for Wolfowitz’s girlfriend, Shaha Riza, is just the tip of the iceberg when it comes to doubts about the World Bank’s credibility, legitimacy and capacity to fulfill its stated mission of eradicating world poverty.

Poor countries throughout the world should follow Latin America’s lead and desert the planet’s biggest hypocrite.