Alan Greenspan, who served for 19 years as chairman of the Federal Reserve and has made a new splash with a memoir critical of Republicans and the Bush White House for not getting better control over federal spending, says today that the odds of a recession in coming months are less than 50-50.
Economy and Finance ministers from all South American countries, except for Peru and Colombia, are meeting Monday in Brazil to discuss final details of a regional development financial institution sponsored by Venezuela's President Hugo Chavez.
The credit squeeze will force governments worldwide to make substantial changes to their budget plans, Rodrigo Rato, outgoing managing director of the International Monetary Fund, has warned. He said that the credit squeeze was a serious crisis that was not over yet and would curtail growth worldwide.
Farmers from Argentina's dairy belt, one of the most productive in the world are considering converting into cereals and oil seeds given the low reference prices imposed by the Argentine government.
Because of high copper prices, Chilean treasury officials now believe that they will end the year with a historic budget surplus of 8.1% of the Gross Domestic Product (GDP).
Up to 36 countries worldwide are facing food crises at a time when the price of wheat has hit record levels and stocks are described as worryingly low by the latest crop and food situation report published by the UN Friday.
The United States Federal Reserve Board Vice Chairman Donald Kohn said on Friday policy makers must be nimble in setting interest rates given the risks of both slower U.S. economic growth and faster inflation.
The US Dollar dropped to its lowest value in relation to the Chilean Peso in over seven years on Monday, before slightly rebounding on Tuesday. Meanwhile, President Michelle Bachelet responded to this news by saying that the currency's continuing decline is a source of concern in Chile.
Consumer prices in Uruguay increased 0.41% in September, accumulating 8.67% in the nine months of 2007 and 8.9% in the last twelve months, according to the official Statistics Office, INE.
United States Secretary of Commerce Carlos M. Gutierrez announced Wednesday he will travel to Uruguay Oct. 8-9 and Brazil Oct. 9-11 to discuss with senior government officials and the business community ways to promote greater bilateral trade, economic growth and opportunity and to foster greater commercial cooperation between the United States and both Uruguay and Brazil.