IMF Managing director Christine Lagarde urged on Monday developing countries to shore up their defences, especially foreign exchange reserves, against a possible European recession next year.
Spain's incoming Prime Minister Mariano Rajoy took aim at his country's economic woes Monday, promising deep spending cuts at all levels of government while offering tax breaks for companies.
A two day Mercosur summit begins Monday in Montevideo with Foreign Affairs ministers meeting Monday and the presidents on Tuesday when the rotating chair will be passed from Uruguay to Argentina for the next six month.
United States Trade Representative Ron Kirk announced that the administration of President Barack Obama is intent in reaching a free trade agreement with South America and called for a greater opening of the Brazilian economy.
Uruguayan opposition called the government of President Jose Mujica “submissive” and “obsequious” with Argentina for having announced it was barring Falkland Islands flagged vessels from the port of Montevideo.
Argentina attempt to control capital flight through strict foreign exchange measures including the tax revenue office which gives its approval or denial to foreign money transactions have added another tool: sniffer dogs.
The consumer price index in Argentina during the month of November increased 0.6% according to the official stats office Indec, which is less than half the percentage released by private estimates through the so called Congress inflation index.
US consumer prices were flat in November as Americans paid less for cars and gasoline, while the 12-month inflation reading fell for the second straight month, which could give the Federal Reserve more room to help a still-weak economy.
The World Trade Organization admitted Russia as its newest member on Friday, giving a boost to its biggest trading partner, the European Union.
Uruguayan President José ‘Pepe’ Mujica denied on Thursday afternoon suffering pressure from the Argentine government to restrict British ships from docking at Montevideo’s ports.