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.
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.
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.”
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.
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.
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.
Foreign affairs ministers from Mercosur and the Pacific Alliance will be meeting next 24 November in Santiago de Chile to explore a possible integration between the two blocks according to Paraguay's foreign minister Eladio Loizaga.
The original Mercosur is over; it has been reduced to a political block with a three member board, Brazil, Argentina and Venezuela, according to Demetrio Magnoli a renowned Folha de Sao Paulo columnist who added that the 'political' Mercosur has helped the Alliance of the Pacific to advance.
Argentina's Senate on Thursday passed a bill aimed at circumventing U.S. court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house Chamber of Deputies for final approval. The chamber, like the Senate, is controlled by government allies who are expected to vote the bill into law.
NML Capital Ltd, a creditor suing Argentina in the U.S. courts for full payment on defaulted debt, subpoenaed 18 banks last week in an effort to track down 65 million dollars in what it says is embezzled Argentine money laundered through the United States.