Argentine is suffering an unprecedented crisis and will end 2002 with a 16% drop in the country's Gross Domestic Product, GDP, according to the IMF report World Economic Prospects released during this year's annual assembly in Washington.
The European Commission will invest 48 million Euros to strengthen Mercosur in the framework of a program targeted to help build the home market, reinvigorate democratic institutions and the participation of the civil society.
The Group of Seven, G7, of industrialized nations said in Washington it was committed to accelerate global economic growth in the coming months, in spite of some lingering risks.
Luiz Inacio Lula da Silva, Brazil's almost certain next president wrote in a column in an Argentine newspaper that Mercosur will be his administration's foreign policy priority if he's elected next October 6th.
The US Federal reserve decided this Tuesday to leave US interest rates unchanged at its lowest level in 41 years, but warned once again that the world's richest economy was at risk of further weakness particularly given heightened political tensions.
According to press reports over 20,000 tourists crossed to Argentina during Chile's two days national independence holiday, Wednesday 18th and Thursday 19th that many Chileans extended until last Sunday.
With just two weeks to the presidential election that according to polls anticipates a possible clear victory in the first round of opposition candidate Luiz Inacio Lula da Silva the Brazilian currency is plummeting, financial markets are sliding and investors rejecting Brazilian bonds.
Following the growing paralysis of his administration and with international credit totally non existent and the country in the verge of defaulting with multilateral organizations such as the IMF, Argentine president Eduardo Duhalde admitted to Brazilian television that presidential elections scheduled for next March can be advanced for December or January, but this depends on the Judiciary branch.
Economy Nobel Prize winner Joseph Stiglitz in a long column published in the Financial Times said that Argentina needs the opening of foreign markets if the country is to recover its real economy.
Following the devaluation of the Argentine currency and the strong world market for wool and lamb, Patagonia sheep farmers are again enthusiastic and timidly beginning to invest.