Mercosur

• Wednesday, May 21st 2003 - 21:00 UTC

  Kirchner names cabinet, Bielsa in Foreign Affairs.

  Argentine elected president Nestor Kirchner, 53, announced this Tuesday in Rio Gallegos, Santa Cruz, a cabinet of moderates that includes trusted political friends from Patagonia, his sister, independent political allies and a few men loyal to outgoing caretaker president Eduardo Duhalde.

• Wednesday, May 21st 2003 - 21:00 UTC

  IMF top marks for president Lula

  Anne Krueger the International Monetary Fund, IMF, First Deputy Managing Director congratulated Brazilian president Luiz Inácio Lula da Silva for his management of the economy and efforts to reform the tax and social security systems.

• Wednesday, May 21st 2003 - 21:00 UTC

  Lavagna praises Ms. Anne Krueger.

  Argentine Economy Minister Roberto Lavagna praised the “intellectual honesty” of International Monetary Fund, IMF, First Deputy Managing Director Anne Krueger, who changed her opinion regarding the evolution of the Argentine economy.

• Tuesday, May 20th 2003 - 21:00 UTC

  US Senate approves tax reduction.

  The United States Senate finally approved last Thursday a 350 billion US dollars tax cut presented by the White House in an attempt to pull the US economy out of its anemic condition. However the ten year proposal passed the higher House with a tight 51-49 majority and now faces a conference with the House of Representatives that approved a 550 billion US dollars cut, more in line with the original President Bush proposal of 726 billion.

• Tuesday, May 20th 2003 - 21:00 UTC

  G 8 recommends optimism.

  Meeting for the first time since the end of the Iraq war, the Finance Ministers of the seven richest industrialized countries, plus Russia, the G 8, expressed their confidence in the world's economy recovery and recommended long term reforms both for rich and poor nations. The meeting took place in Deauville, north of France in preparation for the G 7 summit scheduled in two weeks time in Evian.

• Tuesday, May 20th 2003 - 21:00 UTC

  Kirchner cabinet choice to reveal clues.

  Néstor Kirchner, Argentina's president-in-waiting, was on Monday putting the finishing touches to his executive cabinet, which he is expected to unveil on Wednesday, four days before he takes power.

• Monday, May 19th 2003 - 21:00 UTC

  Successful Uruguayan debt exchange.

  Almost 90% of Uruguayan sovereign bond holders accepted the voluntary debt exchange proposed by Uruguayan authorities involving 5,393 billion US dollars. This means that 4,854 billion US dollars will be formally changed next May 29 with the documentation passing through the United States Securities and Exchange Committee.

• Monday, May 19th 2003 - 21:00 UTC

  IMF, WTO and WB push for market access.

  The need to fully appreciate the value of liberalizing world trade, particularly in agriculture, is essential to allow trade negotiations to move forward again before the WTO ministerial conference in Cancún next September, was emphasized in a joint statement by the International Monetary Fund, World Trade Organization and the World Bank.

• Monday, May 19th 2003 - 21:00 UTC

  Risk of deflation extends.

  For decades Keynesian and growth policies stimulated employment and domestic demand, but also inflation, until it became a kind of curse. Now, according to one of the latest papers of the International Monetary Fund, IMF, several countries, including Japan and Germany, face the risk of deflation.

• Monday, May 19th 2003 - 21:00 UTC

  “A new Argentina is emerging”

  Elected Argentine president Nestor Kirchner, who takes office next May 25, anticipated he will struggle to recover the government's action capacity and “Argentines can count that I'm not going to be an employee of financial interests”.