The Chilean currency opened this Monday with a new record low, 750 pesos to the US dollar, after a week of constant depreciation of the peso. Last Friday September 20th the US dollar was selling in Santiago for 743 pesos, a 1,4% jump in one just week since market operations had begun at 729 pesos to the US dollar Monday September 16th..
Chile's 2003 national budget will be austere but more resources are to be destined to health, education and combating extreme poverty it was announced by the presidential spokesman last week.
Sheep farming that is gradually beginning to recover in Uruguay lost during the last decade approximately 300 million US dollars.
Budget estimates for 2003 anticipate the Argentine economy will grow 3%, annual inflation should not surpass 45% while debt payments to multilateral financial organizations will be equivalent to 4 billion US dollars.
Argentina and Brazil were the two countries most affected by the retraction of investments in Latinamerica which began in 2001 and extended into the first half of 2002.
According to an Argentine public opinion polling company, in the coming presidential elections a quarter of Argentine voters will reject all candidates to express their anger with a protest vote, either by voting blank or destroying the ballot.
President Duhalde's administration reacted to the latest warning from the International Monetary Fund saying Argentina can work its way out of the current financial turmoil with or without IMF's aid, and expressed increasing disgust towards the multilateral institution attitude.
Former left wing union leader Luiz Inacio Lula da Silva, comfortably leading in the polls, increased this week his advantage and now stands with 42% of vote intention, which could ensure him the Brazilian presidency in the first round.
US industrial production dropped during August, the first time this year according to a report released by the Federal Reserve Bank.
French political scientist and renowned academic Alain Touraine stated that Mercosur was over and forecasted that the United States sponsored Free Trade Association of the Americas is inevitable.
To talk about Mercosur doesn't make much sense, indicated Mr. Touraine in a long interview with the Brazilian newspaper O'Globo.