Saturday, November 17th 2012 - 06:30 UTC

Spain and Portugal call for Latam business opportunities and investment

Spain and Portugal sought help from their former Latin American colonies to rescue them from economic crisis through a new wave of trade and investment across the Atlantic Ocean.

The family picture with King Juan Carlos and Queen Sofia in Cadiz

Suffering deep recession and with their citizens protesting at job losses and austerity measures, the two European countries hope the Ibero-American Summit of leaders in the historic port of Cadiz can open up desperately needed business opportunities.

In contrast to Iberia's downturn, figures released by the Organisation for Economic Cooperation and Development forecast growth in Latin America of 3.2% in 2012 and 4% in 2013.

“More Latin America in Europe and Spain is a recipe to confront the present challenges,” Spanish Prime Minister Mariano Rajoy said in his opening speech at the gathering in Cadiz on Friday.

The plight of the former imperial powers has lent purpose to a summit that in recent years had come to resemble a redundant, ceremony-laden event dominated by the antics of populist leaders such as Venezuelan President Hugo Chavez.

Although Spain's King Juan Carlos is the host, the most important figure at the summit is Dilma Rousseff, president of economic powerhouse Brazil. Spain has made clear it regards Portuguese-speaking Brazil as vital to its salvation.

It is already the second-biggest foreign investor in Brazil and Rajoy wants Spanish companies to get a slice of infrastructure projects, such as ports, highway and airports, including those for the 2014 World Cup and 2016 Olympics in Brazil. Rousseff will stay on in Spain for bilateral talks.

Major Spanish firms such as Telefonica and banking giant Santander now rely on their Latin American operations and Brazil in particular, for a hefty chunk of their profits as local markets decline.

On Friday Spanish technology company Indra revealed a quarter of its revenue this year will come from Latin America, where its sales have increased 12-fold over the last six years. Brazil is its second biggest market after Spain.

Ibero-American Secretary-General Enrique Iglesias said in his opening speech the summit offered “hope and solidarity”.

“Spain and Portugal have in the Ibero-American relationship an essential point for stimulating growth,” he said. “International cooperation can speed up recovery and reduce the social cost, above all unemployment.”

Iglesias called for more credit to finance investment in infrastructure projects and to expand exports.

But he warned Latin America could not remain immune to the problems roiling other world markets if low growth continued. He also urged the continent to embrace free trade and to diversify its economies to further reduce poverty and inequality.

Portugal is also keen to attract Brazilian investment for the privatisations it has been forced to carry out under the terms of its euro zone bailout.

But it turned to China for the sale of a stake in utility Energias de Portugal (EDP) last year, rejecting Brazil's Eletrobras despite heavy lobbying.

In the privatisation of airport operator ANA, Colombian construction company Odinsa is involved in a bidding consortium, as is an Argentine and Brazilian firm. Colombian-Brazilian tycoon German Efromovich is vying to buy Portuguese airline TAP.

Big Portuguese companies still have large stakes in Brazil, including EDP and Portugal Telecom, which have helped support them after earnings slumped at home due to the recession.

While the summit made much of solidarity in troubled times, there are cracks in some relationships, especially those involving left-leaning governments.

Spain and Argentina are still in dispute over Argentina's nationalisation of Spanish oil major Repsol's YPF unit in April. Argentine President Cristina Fernandez cried off the summit on health grounds.

31 comments Feed

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1 DanyBerger (#) Nov 17th, 2012 - 07:43 am Report abuse
1-I would tell to Spanish govt. to make substantial reforms in their economy like to open their economy to SA companies that want to invest in Spain.

2- Stop cuts and bailouts for making loses banks like bankia, an make a stimuli package to produce job creation and consumption growth.

3- Stop protectionism schemes to protect loses making Agri-business.

4- As any foreign investor we need certain warranties that any controversy over our investment will be resolved under Argentina or German or Italian law.

After that I guess we can start to talk about some kind of agreement we have a lot so pesos to invest in Spain and PiBigs countries like Britain.
2 LightThink (#) Nov 17th, 2012 - 09:43 am Report abuse
I see that mixed “” Dany,Conqueror,Chris “” trio pull oar into the South America from Cape Town.
3 British_Kirchnerist (#) Nov 17th, 2012 - 09:59 am Report abuse
#1 Excellent, and as the economic power in this, why not make a list of “conditionalities”? =)
4 ChrisR (#) Nov 17th, 2012 - 10:18 am Report abuse
The way AG behaves, not paying her debts, dollar clamp, INDEC about to be decapitated by the IMF, does anyone believe they have USD 46 Bn in reserves?

Ha, ha, ha.
5 DanyBerger (#) Nov 17th, 2012 - 02:42 pm Report abuse

Who cares what other people believe Chris?

That only matters when you have no money and all the time you have to convince creditors that you can pay back debt to get more loans.

You sure in Britain know very well about that because you will prefer to don’t eat before loose the AAA rating that keep fantasy banking economy running for a while.

BTW have you moved your savings from any British, Spanish, Italian bank before financial collapse comes?
6 ChrisR (#) Nov 17th, 2012 - 03:35 pm Report abuse

As I have said more than once ALL my investments are now in Uruguay.
7 Conqueror (#) Nov 17th, 2012 - 03:41 pm Report abuse
@1 Let's take your points:
1 - Only if the EU approves and there are reciprocal arrangements.
2 - As long as argieland funds employment opportunities.
3 - Only if the EU approves.
4 - No. The argie judicial system is corrupt. Disputes will be dealt with under EU law.
@5 Someone with a “junk” currency, a “junk” economy and a “junk” government has no room to comment on anyone else. Still, “junk” by name, “junk” by nature, eh?
8 LightThink (#) Nov 17th, 2012 - 03:50 pm Report abuse
Which one is more beautiful city Durban ?...Cape Town ?
9 Brit Bob (#) Nov 17th, 2012 - 04:09 pm Report abuse
@3 & 5

News from Bloomberg 16.11.12

'Argentina's bond yields are eclipsing those of Greece for the first time since the European nations debt restructuring in March as speculation increases the South American country will opt to default rather than settle with its so called hold out creditors.'

and from the Mayor of Buenos Aires via BA Herald 17.11.12

City mayor Mallricio Macri assured that, 'Investors are turning their backs on us because they don't trust Argentina and prefer to invest their money in the regional countries such as Uruguay, Brazil, Chile and Columbia.'

The IMF Red card is also due on 17th December and INDEC is still telling lies about Argentine inflation figures.

Time is running out for the Banana Republic of Argentina and the Comedy Club of politicians in office.
10 Ayayay (#) Nov 17th, 2012 - 04:34 pm Report abuse
lol, Pibigs. Cute try.

PIIIGGS, (Portugal, Ireland, Iceland, Greece, Great Britain, Spain), but of course, the countries that having province defaults, etc today are just the beautiful PIGS (Portugal, Italy, Greece, Spain).
11 Brit Bob (#) Nov 17th, 2012 - 05:03 pm Report abuse
Argentina should really get together with Benin and Burkina Faso so that they can all celebrate sharing 100th place in the World's Index of Corrupt Nations.
12 LightThink (#) Nov 17th, 2012 - 06:43 pm Report abuse
[Inanda Phoenix] is well place in Durban !
13 Pirate Love (#) Nov 17th, 2012 - 08:11 pm Report abuse
if the grass is greener let them trade, but first spain/portugal just sign this removal of E.U membership form and currency change, any payment of debts to be paid in full to its EU members, and adios!
14 Ayayay (#) Nov 17th, 2012 - 08:21 pm Report abuse
I don't think there's any core judgement on that area for needing help. We want to give it. It's our pleasure, Latins are amazing.

I do think there's differences in governance-and passion, so they experience more dramatic highs (growth) and lows.

Maybe even shared epigenetic behavior reactions to a cyclical global turndown are at play.

Note that the English addition to Irish dna is tiny, the Irish have largely kept their Basque/Northern Iberian heritage, with traces of Celt.

The Iceland thing is too complex for me. They're half Irish (thrall slave wives), half Scandi & all cool.
15 Anbar (#) Nov 17th, 2012 - 08:44 pm Report abuse
“”“does anyone believe they have USD 46 Bn in reserves?”“”


although some of it has “Deutsche Reichsbank” stamped on it.... ¬_¬
16 briton (#) Nov 17th, 2012 - 10:24 pm Report abuse
It comes to something when the mighty Spanish, have to go to South America with the begging mug,

And even more humiliating to see CFK fill the dam thing with plastic.

If you take plastic,
CFK is the best place to get
17 LightThink (#) Nov 18th, 2012 - 10:23 am Report abuse
-- 16

Cool air in Cape Town !
18 malen (#) Nov 18th, 2012 - 01:41 pm Report abuse
cumbre ibero americana against british militarisation in MLVNS
19 Anbar (#) Nov 18th, 2012 - 02:25 pm Report abuse
cumbre ibero americana against british militarisation in MLVNS”“”


/random platitude
20 Brit Bob (#) Nov 18th, 2012 - 03:39 pm Report abuse
@18 Britain can do what it wants in the Falkland Islands. Remember - the right to self determination under the UN charter. As the Secretary General Ban Ki Moon says,'People should be able to decide their own future.'

A future without Argenwhinger.
21 TipsyThink (#) Nov 18th, 2012 - 04:27 pm Report abuse
Are you cértaiñ they don't write fróm Lesotho ?

22 Furry-Fat-Feck (#) Nov 18th, 2012 - 07:08 pm Report abuse
@14 Ayayay (#)
Nov 17th, 2012 - 08:21 pm

You into Eugenics as well?

Now let me see.

Great Britain includes England (as you know) and from further research we know that the Western Atlantic Modal Haplotype is dominant in England much as it is in Scotland, Ireland and Wales. It just happens to be even more dominant in Ireland than it is in the rest of the British Isles.

There is no such thing as 'English' DNA. Most of the English are the same as most of the Irish and they always have been. They just don't know it and would likely as not refuse to accept it.
23 Ayayay (#) Nov 18th, 2012 - 10:41 pm Report abuse
”Furry Fat F****:

The Irish just started adopting English in the 19th century.

24 Nostrolldamus The 2nd (#) Nov 19th, 2012 - 06:11 pm Report abuse
British Isles have the largest evidence of Neanderthal DNA.

red hair: this evidence is disputed but possible, since it is confirmed Neanderthals had a sizeable presence of red-hair and freckles, and recently it was confirmed they had the gene for red hair in their DNA (the dispute is whether this is the same as in modern humans, some scientist say yes, others say it is not the same)

skin that is incapable of tanning: this is VERY strong evidence... it is well known that the Germans, Eastern Europeans, and even the Scandinavians can tan well. Thus you see blond swedes or norwegians with swarthy skin from sun exposure, and they can keep their tan. This is clear evidence their ancestors are recent migrants to Scandinavia from the south.

This ability is not possible for most British, their skin simply turns a deep red and of course it is very painful. And after the redness fades the skin remains pale. This is direct evidence that their ancestors have had a much longer existence in colder climates, to the point of having lost in their DNA the need for skin color for vitamin D absorbtion.

bone structure: it is well known that many red-heads have very heavy bone structures, in their arms, legs, and face. It is also known by indisputable fossil evidence Neanderthals had extremely powerful and thick bones. This is thus far only circumstancial evidence, but some point to a link there. Scandinavians, Germans and most southern Europeans have much thinner bones for that lankier “homo sapiens” look.

It is also to note that “heavy” bone structures are more common in the Alps (central european), and in the fringes of Portugal and Spain. It has not been unnoticed that most scientist agree that Neanderthals for the most part were displaced by modern humans, and that their last Refugia were likely... they high alps, the fringes of the Iberian peninsula, and the British Isles.

You put the rest together.
25 Furry-Fat-Feck (#) Nov 19th, 2012 - 10:06 pm Report abuse
“You put the rest together.”

Okay I'll have a go.

You are a eugenics enthusiast with a vivid and unhealthy imagination.
26 Nostrolldamus The 2nd (#) Nov 20th, 2012 - 03:18 pm Report abuse
Eugenics?? I was just mentioning very common scientific debates. Eugenics is not science, it is pseudo-babble that suggest that there are “superior” and “inferior” genes.

I said nothing of the sort. You are brainwashed by the fact that throughout most of your life Neanderthals were considered brutes. It is now known that they had culture, they had burial rights (suggesting awareness of self and belief in existence of that self after death, also suggesting religion), they had literature (through recent discoveries of paintings that actually have “cliffhangers” that lead to other paitings in another part of the cave where the same story continues and the plot is advanced), and with recent fossil discoveries they had the same vocal tract shape, which was always thought Neanderthals had a different less evolved shape. That means they could make every single sound that we can.

They had bigger brains too by about 150cc.

Just because they went extinct does not mean they were inferior, they were just simply to specialized for cold weather, meat-eating diets, and their bodies just could not adapt to foraging for plants and their population plummeted when the weather began to warm and the mega-fauna was going exinct either through climate change or hunting by “modern” humans.
27 ChrisR (#) Nov 20th, 2012 - 07:06 pm Report abuse
26 Nostrolldamus The 2nd

You mean there are TWO of you?

As an atheist: God help us!

Psuedo science: read Dawkins and get yourself a modern education not that discredited crap from the '30s.
28 Nostrolldamus The 2nd (#) Nov 20th, 2012 - 09:49 pm Report abuse

Not at all. My father was murdered by Mercopress. Goes to show you their impartiality. How many people have they banned yet Conqueror is allowed free reign in essence? And with the approval of the rest of you who so condemn the argie versions of “conqueror” for their acerbic vulgarity, yet are completely supportive of his BrUtish behavior. Go go.
29 Ayayay (#) Nov 20th, 2012 - 09:55 pm Report abuse
Loosen up, Brits :0)

All we had was mitochondrial dna to go on before. Based on this, some internets said that the Ice Age N Atlanteans basically started the same. Some say there were two routes, the Balkan peninsula to England, the Iberian peninsula to Ireland.

But now: the Y chromosome. In that era, the men moved around, not so much the ladies, so it provides the window into the differences between England (speaks English), and Irish ( who spoke Gaelic until English domination in the 19th century).

The Y chromosome shows Brits are mixed with Norwegian/Germans, while the Irish & Basque share ALOT.
Two different styles, two awesome groups.
30 Nostrolldamus The 2nd (#) Nov 20th, 2012 - 10:01 pm Report abuse
No one cares, all European Luuusers, with a cap L. Thank goodness I'm not European.
31 Ayayay (#) Nov 21st, 2012 - 03:57 am Report abuse
Nestor Kirchner's family is, kinda interesting. Swiss-German from the dad, central Europe from the mom's side.
Wonder what it would be like if he were still around..

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