Stock markets in Latinamerica crashed on black Monday 29, following the US House of Representatives rejection of the bi partisan bail out package which had been painfully stitched over the weekend.
Japan's benchmark Nikkei stock index has fallen almost 5% in early Tuesday trading, hours after a US financial rescue plan failed to gain Congressional backing.
The US House of Representatives on Monday rejected a 700 billion plan aimed at bailing out Wall Street.
Brazilian President Lula da Silva blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.
Britain's opposition Conservatives unveiled in the Birmingham party conference their plan to tackle the financial crisis, accusing Prime Minister Gordon Brown of presiding over a debt-fuelled boom that has turned to bust.
Argentine private consultants have warned that the 2009 budget bill fails to take into account the new international scenario and lacks a comprehensive approach to inflation, country risk and economic slowdown”.
Spanish bank Santander is on the brink of taking over the £20bn savings business of troubled bank Bradford & Bingley, the BBC has learned. Treasury officials and bankers are putting the final touches to a deal, says BBC business editor Robert Peston.
Uruguay reported a trade surplus of 68.3 million US dollars after having accumulated 1.2 billion US dollars deficit in the first seven months of 2008, according to the country's Central Bank.
The United States Congress is set to vote on Monday the largest single financial bailout in US history after leaders from both parties nailed down the details of the package, following long days and nights of tense and sometimes tempestuous negotiation.
Latin American exports' growth depends more on lower transport costs than on reduction of tariffs. This warning is in research Unclogging the Arteries: A Report on the Impact of Transport Costs on Latin American and Caribbean Trade.
Ibero-America Secretary General Enrique Iglesias said Latinamerica feels somehow frustrated because it is a victim, not an actor of the current global financial crisis, which sooner or later will reach the region.