Stories for June 22nd 2012
Brazil and China sign 30bn dollars swap to boost trade and better weather global turbulence
Brazil and China will sign an agreement in the coming weeks to swap as much as 30 billion in their two currencies, Brazil Finance Minister Guido Mantega said.
World corn glut as Matto Grosso in Brazil doubles crop over last year
Corn fell in Chicago on concern a record harvest in Brazil’s Mato Grosso state may add to a supply glut and on speculation slowing US economic growth will cut demand for grain used to make ethanol.
Credit Suisse’s Brazil growth forecast of 1.5% this year “a joke” said Mantega
Finance minister Guido Mantega said the latest release from investment bank Credit Suisse forecasting Brazil’s 2012 GDP growth at 1.5%, was “a joke”.
Political deal in Germany on the ESM; mini summit in Rome to rescue Spain
The German government and opposition reached on Thursday a deal that will allow parliament to approve the European Stability Mechanism, ESM, next week, but Germany's top court may delay the rescue fund's start date, saying it needed time to study the treaty.
Spanish banks need 62bn Euros; full bail-out of the country in the drawing board
Spain's medium-term borrowing costs spiralled to a Euro-era record on Thursday and independent auditors said Spanish banks may need up to 62 billion Euros in extra capital, to be filled mostly by a Euro zone bailout.
