Stories for May 18th 2011
European Parliament stresses ‘desirability’ of EU/Mercosur balanced trade agreement
Current trade negotiations between the European Union and Mercosur dominated the opening speeches at of Eurolat (Europe/Latin America Parliaments) Fifth Plenary Session which is taking place in Montevideo.
Argentina’s poor cousin? Not Uruguay
The following piece by Jude Webber writing for the Financial Times explains the different approach by the two neighboring countries to the windfall earnings of the commodities boom.
Greece warned it must redouble efforts otherwise (but following step is not clear)
The IMF warned Greece it must redouble reform efforts to avoid derailing its fiscal program, key to dealing with a huge debt mountain.The sternest IMF warning since a 110 billion Euro EU/IMF bailout a year ago pulled the troubled Euro zone member back from the brink of bankruptcy was delivered as European officials raised the possibility of a Greek debt restructuring.
Brazil satisfied with measures to cut ‘torrential inflow’ of US dollars
Brazil’s Finance Minister Guido Mantega said dollar inflows into the country have returned to a “reasonable” level, after the government took steps to stem a flood of foreign money.
Frozen power rates anticipate China faces worst energy shortage since 2004
China has started rationing electricity to try and stave off an energy shortage that government officials say could be the worst since 2004. State-owned power generating companies are dealing with high global energy prices that have cut their profits.
China has also banned the export of diesel, to try to meet domestic demand.
Uruguay to begin marketing sale of 10-year Samurai bonds
Uruguay started marketing a sale of 10-year Samurai bonds guaranteed by the Japan Bank for International Cooperation, according to reports in the Montevideo and Tokyo financial press.
US says IMF should designate an interim Managing Director
Dominique Strauss-Kahn is “not in a position to run” the International Monetary Fund after his arrest over an alleged sexual assault, US Treasury Secretary Timothy Geithner has said. He added IMF's executive board should designate an interim head.
The alleged assault on a maid happened at New York's luxury Sofitel hotel on 14 May.
CFK calls on unions to cool down and ratifies she’s ‘not dying to be president again’
Argentine Minister of Interior ratified late Tuesday that President Cristina Fernandez de Kirchner threat that she would not bid for re-election next October if organized labour continues to pressure on her government. However CFK is not annoyed with Hugo Moyano chief of the powerful Labour Confederation, CGT.
UK Foreign Office Minister visits Uruguay to strengthen trade and political ties
Foreign Office Minister for Latin America Jeremy Browne will be visiting Uruguay from 20-21 May where he will be meeting government officials and key business people to strengthen ties between UK and the Mercosur member.
Moyano ignores threats: “as far as I know, Cristina is running for re-election”
Argentina’s organized labour chief Hugo Moyano further escalated the controversy with the government saying he supports President Cristina Fernandez de Kirchner re-election next October and cautioned that she is the only candidate he has vowed to back.
