Nicolas Eyzaguirre, the IMF director for Latin America, stated that Argentina must apply “major measures” to improve its method of measuring the inflation.
The Economist in its latest edition has a two-chapter piece on trade restrictions imposed by South America’s two biggest economies. The first (“Keep Out”) refers to Argentina and the second (“A self made siege’) to Brazil.
An Argentine Judge has subpoenaed six newspapers for the names and phone numbers of all reporters and editors who have covered Argentina's economy the past five years, so they can be called as witnesses against their sources.
A massive power blackout on Saturday paralyzed crucial copper mines in Chile and darkened vast swaths of the country including the capital Santiago before energy started to be restored, officials said.
The head of the IMF for the Western Hemisphere Department Nicolás Eyzaguirre discards an outflow of capitals from Latin America as a consequence of the current global situation and pointed out that the region’s position is solid.
US Treasury Secretary Timothy Geithner has called on European leaders to take urgent new steps to create a 'firewall' against the crisis spreading. He added that decisions on how to tackle Euro zone debt could not wait until the crisis gets more severe.
United States regulators on Friday closed banks in Virginia and California, lifting to 73 the number of US bank failures this year. The number of closures has dropped significantly this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 127 banks.
Swiss bank UBS's Chief Executive Oswald Gruebel resigned, shouldering the blame after its scandal-hit investment banking business lost 2.3 billion dollars in alleged rogue trading.
Argentina's industrial output growth slowed in August to 5.2% year-on-year, while month-on-month economic activity contracted in July for the first time in 13 months, the government said on Friday.
“The recapitalization of European banks is something that is ongoing, it is something that is already happening,” Commission spokesman Olivier Bailly told a regular briefing.