Mercosur

Mercosur
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.”

Wednesday, September 24th 2014 - 15:44 UTC

Marina blasts Dilma Rousseff for not supporting UN deforestation dead line initiative

“Our president did not sign in support of protecting those forests, which is regrettable and disappointing”, said Marina Silva

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.

Wednesday, September 24th 2014 - 15:42 UTC

Deforestation deadline initiative watered down by lack of support from Brazil

“We were not consulted; I think that it’s impossible to think that you can have a global forest initiative without Brazil on board”, said minister Izabella Teixeira

More than 30 countries set the first-ever deadline on Tuesday to end deforestation by 2030, but the feasibility of such a goal was eroded when a key player, Brazil, said it would not join.

Friday, September 19th 2014 - 07:28 UTC

EU hopeful the free trade accord with Mercosur will be reached next year

“We expect the Mercosur proposal on tariffs reduction will be on terms agreed back in 2010” said Fernandez Trigo

Once the EU and Mercosur exchange their proposals for a free trade agreement, negotiations will 'move fast' and the deal should be closed sometime in 2015, according to EU ambassador in Montevideo, Juan Fernandez Trigo. But he also pointed out that he expected Mercosur proposal to be in accordance with terms established in 2010.

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