President Hugo Chavez knows just how important Sunday's state and municipal elections are to his own grip on power.
George Bush, the outgoing US president, has continued his defence of free market ideology, despite widespread criticism of it being behind the global economic crisis.
Brazil has recalled its ambassador from Ecuador over the Andean country's suspension of payments on a Brazilian loan worth at least $320 million.
Barack Obama, the US president-elect, has ordered his advisers to produce an economic recovery plan aimed at creating 2.5 million new jobs across the country over the next two years.
Sunday's elections in Venezuela will be a key test for President Hugo Chavez a year after voters defeated his effort to change the constitution which was targeted to ensure his XXI Socialist-Bolivarian revolution.
United States shares rose sharply on Friday following a report that US President-elect Barack Obama has chosen his treasury secretary, reassuring investors. The Dow Jones Industrial Average added 494 points or 6.5% to end at 8,046.66. The Standard & Poor's 500 climbed 6.3%.
Michael Reid is The Economist Americas editor and author of Forgotten Continent: The Battle for Latin America's Soul (Yale).
Chinese President Hu Jintao offered his nation's economic muscle to help Latin America weather global economic turmoil, in a speech on Thursday in Peru that marked another step in Beijing's campaign to raise its profile in the region.
Argentina's Senate passed on Thursday a bill to nationalize the private pension funds system in a move that analysts say could protect the potential beneficiaries from short-term stock market chaos but also limit their long-term retirement income.
Spanish savings bank La Caixa may sell its 14% stake in struggling Spanish-Argentine energy firm Repsol to Russian firm Lukoil, it said. The sale is tied to the acquisition by Lukoil of a 20% stake held in Repsol by construction group Sacyr Vallehermoso.