The United Nations Human Rights Council meeting in Geneva on Friday adopted an Argentine-fueled resolution which condemns the so called 'holdouts' or “vulture funds”, currently in a legal dispute against the country.
Argentine President Cristina Fernández accused holdout investors of committing economic terrorism and reiterated her wish for a multi-lateral framework to regulate sovereign debt, during her speech before the United Nations 69th General Assembly on Wednesday.
New York district judge Thomas Griesa has asked Argentina to show cause and explain why the country should not be declared in contempt, following its decision not to pay holdout investors full amount for their defaulted bonds as the judge’s ruling ordered on August 8.
The informal rate for the US dollar in Argentina kept climbing on Wednesday and after brushing 16 Pesos, finally closed 53 cents higher at 15.95 Pesos, while the gap with the formal dollar soared to 89%. Distrust with government policy, plain speculation and hikes in the stock exchange rate were blamed for the situation.
Argentine Cabinet Chief Jorge Capitanich on Wednesday lashed out at Germany's finance minister, denouncing Berlin's hostile attitude toward Argentina's debt restructuring effort. He added that Germany had always had a hostile attitude toward Argentina from an economic and financial point of view.
Brazil’s Real advanced from a seven-month low as the central bank signaled it will maintain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover.
Credit ratings agency Moody's Investors Service has warned about the Argentine situation which can become “harmful” for Latin America, stating that the country's economy is in “decline” and qualifying current policies as “highly risky.”
Global goods trade will grow less than hoped this year and next, and factors including regional conflicts and the Ebola outbreak are putting a quick return to stronger growth at risk, the World Trade Organization said today.
Environmentalist and presidential opposition candidate Marina Silva blasted Brazilian president Dilma Rousseff for not supporting an initiative to put a deadline on deforestation supported by 32 countries this Tuesday during the Climate summit in New York.
Mujica brags on foreign policy; Latam ready to play a larger role in peace issues, Europe has lost clout
Uruguay's president Jose Mujica said the latest world events show that Europe 'has lost clout' in global affairs, and has lost strength as 'peace mediator', and this role could be “much better performed by Latin America”.