
Latin American and African banks are the most profitable in the world: four to five times more profitable than those in developed countries. They extract nearly $100 billion in profit annually, an amount equivalent to Ecuador's gross domestic product, and even maintained their substantial profitability despite the economic collapse caused by the pandemic. In 2020, no bank failed; on the contrary, they achieved profits greater than those of banks in developed countries in normal years! Spanish banks stand out because to earn one dollar of profit, they need to invest almost nine dollars, while in Latin America, they only need to invest one. Approximately 60% of Spanish banks' profits come from extracting rents in Latin America. As Álvaro García Linera points out in the insightful prologue to this book: "Banking has become a new chapter in Galeano's 'Open Veins of Latin America.'" In the...read more







