Stories for July 23rd 2012
“We need some strong vaccines to accept Venezuela in Mercosur”
The head of the Brazilian Senate and former president Jose Sarney said he had his reservations about the incorporation of Venezuela to Mercosur as full member since the government of Hugo Chavez does not respect democratic rules.
EC considering major shake-up in scandal-ridden bailed-out Greek bank
Banks recapitalised as part of Greece's bailout may be forced to overhaul their management and governance, the European Commission said, in response to questions raised by Reuters agency about alleged malpractice at Greece's fourth-largest bank.
Spanish politician warns cuts are necessary “if we don’t want to become another Argentina”
The President of the Community of Madrid, Esperanza Aguirre, has warned about the “difficult” situation Spain is going through, and said “If we don’t want to become another Argentina, with a ‘corralito’ and inflation rates around 20-40%, we must cut the public spending and find the accounts’ balance.”
Spain’s economy sinks deeper into recession; financial costs balloon
Spain's economy sank deeper into recession in the second quarter, its central bank said as investors spooked by an undeclared funding crisis in its regions pushed the country ever closer to a full bailout
Sao Paulo benefits from Argentina’s lack of “legal and economic security”
The President of Investe São Paulo -the gateway for companies that intend to settle their operations in the Brazilian state- referred to the ongoing foreign investment boom in the neighbouring country is due in part to the “lack of both legal and economic security that Argentina and its government have.”
Paraguay could appeal Mercosur sanctions before the International Court of Justice
Paraguay is prepared to demand Mercosur co-members before the International Court of Justice at The Hague for what it describes as “violation of signed treaties” and sustained “international isolation” following the rejection of an appeal to have sanctions lifted.
Pranab Mukherjee, a political “bridge builder” elected president of India
Former Finance minister Pranab Mukherjee was elected president on Sunday of the world’s largest democracy and a crucial member of the emerging markets BRIS group.
Mercosur Review Tribunal rejects Paraguay’s demand against suspension
Mercosur Standing Review Tribunal rejected Paraguay’s demand against its temporary suspension from the trade and integration group and the inclusion of Venezuela as a full member.
ECB chief says “Euro is irreversible”; praises will to create supranational bodies
European Central Bank President Mario Draghi said that the Euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among Euro zone countries was inevitable.
Brazil moves into Ghana with 96million dollars loan for small farmers
Ambassador to Ghana, Irene Vida Gala announced that Brazil has plans to make available a 96-million-dollar loan facility to boost small-scale and rural farming in Ghana to help increase food production and subsequently improve the country’s bread basket.
