Mercosur

Mercosur
Monday, September 29th 2014 - 21:16 UTC

Judge Griesa declares Argentina in contempt of court, but deferred financial penalties

Griesa ruled Argentina had not followed court's orders following the passing of a law which seeks to remove BONY Mellon as financial intermediary to pay bondholders

New York district judge Thomas Griesa declared on Monday Argentina in contempt of court, due to the country's actions in attempting to change debt jurisdictions as a result of the ongoing judicial conflict with holdout investors presided over by the US magistrate.

Monday, September 29th 2014 - 09:22 UTC

Venezuela's Bolivar hits a record low of 100 to the US dollar

The sinking rate of the Mercosur member's currency on what is known as the “parallel” currency market has been a major headache for President Maduro

Venezuela's Bolivar currency hit a record low 100 to the U.S. dollar on the black market on Friday, making the dollar 16 times more expensive than the strongest official rate, according to a website that tracks it.

Thursday, September 25th 2014 - 06:44 UTC

Brazil calls for 'true reform' of Security Council and the 're-launching' of global economy

Rousseff described the current composition of the Council as “inadmissible” and urged for a reform that would give more power to emerging countries

Following the opening remarks by UN Secretary General Ban Ki-moon, Brazil’s president Dilma Rousseff was the first head of state to address the General Assembly on Wednesday. She called for a “re-launching of global economy” and a “true reform” of the UN Security Council.

Thursday, September 25th 2014 - 06:34 UTC

Cristina Fernandez claims holdouts are committing “economic and financial terrorism”

“The vulture funds threaten and attack with actions against our country's economy, causing rumors, mistruths and outright lies,”

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.

Thursday, September 25th 2014 - 05:17 UTC

Argentina must explain to Judge Griesa why it is not in contempt of court

Griesa stated on Thursday that the Argentina faces a 50,000 dollar daily fine if it does not comply with the ruling.

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.

Thursday, September 25th 2014 - 05:11 UTC

US dollar brushes 16 Argentine Pesos, settles at 15.95; monthly devaluation 12.4%

Uncertainty about government policies is plunging the Argentine currency

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.

Thursday, September 25th 2014 - 03:17 UTC

Falklands/Malvinas: Cristina Fernandez demands dialogue at UN and blasts Security Council

“Argentina has pending for over a hundred years, with the UK, a claim of sovereignty for the UK to sit down to discuss the Malvinas sovereignty question”

President Cristina Fernández addressing on Wednesday the United Nations General Assembly said Argentina, in the context of a complex world situation, has become a triple leading case, (vulture funds, terrorism) and one referred to 'the use of force and territorial integrity', more specifically the pending dispute with the United Kingdom over the Falklands/Malvinas.

Thursday, September 25th 2014 - 03:14 UTC

Brazil scrambles to support the Real; as Dilma recovers in the polls the currency falls

“The Real is facing strong downward pressure as Rousseff rises in the polls.”

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.

Thursday, September 25th 2014 - 03:12 UTC

Uruguay presidential campaign: government distributes 10 US dollars for each valid ballot

The current sum in the range of almost 23 million dollars is based on the 2.224.871 valid ballots of the previous election in 2009.

The Uruguayan government released this week the equivalent of 22.9 million dollars for the financing of political parties campaigning for 26 October when presidential and legislative elections are scheduled. In Uruguay political parties receive government support for electoral activities and private donations are closely scrutinized.

Wednesday, September 24th 2014 - 15:55 UTC

Argentia economic situation can become 'harmful' for the region says Moody's

“Inflation, high interest rates and recession have forced Argentine consumers to cut expenses, which can impact negatively on the region

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.”

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!