An estimated 5.000 workers will be left redundant for two months and losses could easily reach 300 million dollars because of the outbreak of foot and mouth disease in Paraguay that has banned exports, revealed Wednesday Luis Pettengill, president of the country’s Meat Chamber.
The Argentine government plans to trim its dependence on central bank reserves to pay debt next year after tapping savings to slow depreciation of the Peso, according to its draft 2012 budget.
Italian Prime Minister Silvio Berlusconi was quick to reject a long-feared assessment from ratings agency Standard & Poor’s that saw Italy’s credit rating downgraded by one notch on Tuesday.
The economist who predicted the credit crunch and financial crisis has recommended that Greece leave the Euro, default on its debts and return to the drachma.
Uruguayan president Jose Mujica admitted a certain ‘stinging feeling’ following the recent Brazilian decision to increase import taxes on vehicles by 30%, which could also have an impact on Mercosur partners.
Mercosur coordinators are holding meetings in Montevideo to decide on a mechanism for temporary increases of national tariffs besides those already implemented under the common external tariff for the group.
Beijing's plan to provide financial aid to the European Union is not contingent on Europe supporting a proposal that could protect China from trade sanctions, a Commerce Ministry spokesman said on Tuesday.
The global economic recovery is slowing, with world growth projected at 4% in both 2011 and 2012, down from over 5% in 2010, the IMF said in its latest forecast. And even this lowered projection counts on a lot going well.
Leading lawmakers in German Chancellor Angela Merkel's coalition have agreed a draft law on an enhanced Euro zone bailout fund to give a greater say to parliament in line with a court ruling earlier this month.
The IMF cut its growth forecast for the 17-nation Euro zone by nearly half a percentage point to 1.6% in 2011 and even weaker conditions are seen for next year with growth of just 1.1%. Currently the single currency region is scarcely growing at a 0.25% annual rate.