Latin America

Latin America
Friday, March 21st 2014 - 09:50 UTC

Unasur 'democratic clause' comes into force after ratification by Uruguay and Colombia

Ecuadorean foreign minister announced that a Unasur delegation will be arriving in Venezuela before the end of March

Any country that suffers an interruption to its democratic order will be automatically excluded from Unasur (Union of South American Nations), the bloc announced this week, after its “democratic clause” came into force and as Venezuelan President Nicolás Maduro claimed that a US-funded campaign is trying to ouster him.

Friday, March 21st 2014 - 06:05 UTC

Bolivian senate to vote full incorporation to Mercosur in April

The adhesion protocol was sent to Congress by president Evo Morales last September

The Bolivian Senate is expected to vote next month for the full incorporation of the country to Mercosur, thus complying with some of the last steps to join the group made up of Argentina, Brazil, Paraguay, Uruguay and Venezuela.

Wednesday, March 19th 2014 - 07:30 UTC

A Vazquez victory forecasted in Uruguay but with 'orthodox economics' threatened

The former president will face the greatest challenges from inside the coalition

The Economist Intelligence Unit anticipates a 2015 scenario in which Tabaré Vazquez from the ruling coalition will most probably be president, but in a situation quite different from that of his first mandate (2005/2010) if he insists in implementing orthodox economics.

Wednesday, March 19th 2014 - 07:07 UTC

Mercosur has been 'a good deal' for Uruguay, 'it could have been better'

Mujica admitted that all the 'added value' of Uruguayan exports is sold in the region

President Jose Mujica said that Mercosur even with all its problems “has been a good deal” although it “could have been better”, and it is imperative that the group signs trade agreements with Europe and China, which has become the main trade partner of the region.

Tuesday, March 18th 2014 - 22:00 UTC

Chile suggests the Pacific Alliance and Mercosur should consider integration

Minister Muñoz, attempting a delicate balance between two groups that have strong differences

Chile's new foreign minister Heraldo Muñoz ratified his country's membership of the Pacific Alliance, a much questioned group by other regional organizations such as the Venezuelan inspired ALBA and even Mercosur led by Brazil, and suggested that Mercosur and the Pacific Alliance could consider integration. Chile is currently an associate member of Mercosur.

Tuesday, March 18th 2014 - 02:24 UTC

Brazil optimistic that Mercosur has reached a joint proposal for trade talks with the EU

Minister Borges was in Buenos Aires where a top level meeting of officials from the two countries was held

Mercosur will present a joint proposal to the European Union for a wide ranging trade agreement between the two blocks later this month, announced Brazil' Minister of Industry Mauro Borges, following a visit to Buenos Aires where he met with Economy minister Axel Kicillof and Industry minister Debora Giorgi.

Saturday, March 15th 2014 - 08:25 UTC

Despite inflation Astori argues that cutting government spending is not the solution

The Uruguayan Vice-president insists that government spending is needed to finance infrastructure and social policies

It is a mistake to blame government expenditure for the increase of prices, as is the concept that inflation can be defeated by cutting government spending, said Uruguayan Vice-president and economist Danilo Astori, who argued that in many cases these funds are essential to finance public investments and social policies.

Saturday, March 15th 2014 - 08:13 UTC

Uruguay combats inflation with price agreements and reducing taxes on public utilities rates

Minister Bergara was present at the final meeting which sealed the agreement

The Uruguayan government finalized on Friday a prices agreement with commerce and trade organizations to help bring down the third highest inflation of the region which is advancing at an almost two-digit pace. The package is to be completed with government fiscal 'sacrifice' such as the elimination of taxes on some public utilities rates.

Saturday, March 15th 2014 - 08:00 UTC

Queen Michelle Bachelet is back, but that was the easy bit, says The Economist

The New Majority of Bachelet seems to commit the same mistakes as the old Concertacion

Michelle Bachelet became the first person since General Carlos Ibañez in 1952 to return to Chile’s presidential palace, La Moneda, for a second term. According to a recent official history of the building, the general was a stickler for fitness.

Saturday, March 15th 2014 - 04:26 UTC

February annual inflation in Venezuela soars to 57.3%; Maduro blames the 'economic war'

Venezuelans for months have been struggling for basic items such as flour, cooking oil and toilet paper

Venezuela's annual inflation rate rose to 57.3% in February, the central bank said as violent opposition demonstrations during the month disrupted the economy. However the bank also pointed out that despite the protests inflation slowed on a month-on-month basis to 2.4% from 3.3% in January.

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