Stories for November 3rd 2012

Saturday, November 3rd 2012 - 04:20 UTC

IMF top marks for Uruguay’s economy but beware of inflation and wage indexation

The recent agreement to cut/freeze some consumer prices does not address the root causes of inflation

An International Monetary Fund (IMF) mission headed by Ulric Erickson von Allmen visited Uruguay from October 22 to November 2 to conduct the country’s annual Article IV consultation. At the conclusion of the visit, Mr. Erickson von Allmen division chief in the IMF’s Western Hemisphere Department issued the following statement in Montevideo:

Saturday, November 3rd 2012 - 04:07 UTC

South African minister admits a second Argentine navy vessel could be impounded

SAfrican Minister Maite Nkoana-Mashabane (R) during a press conference next to Argentina’s Timerman (Photo: Telam)

When Argentina still has not recovered from the impounding of the Navy’s flagship, ARA Libertad, retained in Ghana, another piece of bad news was confirmed in Pretoria on Friday when South African Foreign minister admitted that a second navy vessel, ARA Espora, docked in Simonstown was exposed to a similar fate.

Saturday, November 3rd 2012 - 04:03 UTC

Bank of England governance ‘defective’ with ‘centralized and hierarchical’ structure

BoE was only insured against the loss of 12% of the total amount of money lent to HBOS and RBS,  £51.1bn was not covered

Governance of the Bank of England is “defective”, according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance. Andrew Tyrie said the reviews were too little, too late.

Saturday, November 3rd 2012 - 03:49 UTC

Peru reminds Argentina Shinning Path terrorists are an illegal group

Foreign Minister Roncagliolo deplored Shinning Path political arm was received by human rights groups in Argentina

Peru slammed reports that Movadef, the nascent political wing of the Shining Path armed group, had met with representatives of human rights groups in Argentina, including the Mothers of Plaza de Mayo Association, with the aim of gaining political credibility.

Saturday, November 3rd 2012 - 03:44 UTC

Peru considers rescuing debt to cool inflow of capital and currency appreciation

Minister Castilla also wants national debt with a larger content of local currency

Peru is considering the anticipated cancelling of public debt to drain ‘dollars’ from the market and impede the sustained appreciation of the local currency, Sol, said Economy minister Luis Castilla. This would be the first step for a new liabilities management approach to extend in time the maturing of Peruvian bonds and other debt papers.

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