Stories for September 15th 2011

Thursday, September 15th 2011 - 18:39 UTC
Major Central banks come to the rescue of Euro commercial banks

Major central banks around the world will cooperate to offer three-month US dollar loans to commercial banks in order to prevent money markets from freezing up because of Europe's sovereign debt crisis.
Thursday, September 15th 2011 - 17:03 UTC
Mercosur is not working, good relations between two presidents ‘are not enough’

President Jose Mujica admitted to Uruguayan manufacturers and farmers that with recurrent Argentine and Brazilian obstacles to trade “it’s very hard to make Mercosur function” and good relations between presidents “are not enough”.
Thursday, September 15th 2011 - 07:21 UTC
Paraguay accuses Argentina of ‘systematically ignoring” Mercosur

The Paraguayan delegation before Mercosur Parliament, Parlasur, accused Argentina of “systematically and permanently ignoring the Asuncion Treaty” (the founding charter of Mercosur).
Thursday, September 15th 2011 - 07:19 UTC
Fifth cabinet minister drops out from Brazilian cabinet on corruption allegations

Brazil's Tourism minister resigned late Wednesday amid a long-brewing corruption scandal, marking the fifth cabinet-level official to step down from President Dilma Rousseff's nine-month-old government since June.
Thursday, September 15th 2011 - 07:16 UTC
Brazil mourns death of creator of the controversial ‘bio-diesel’

Brazilian scientist Expedito Jose de Sá Parent, 70, who is considered the creator of bio-diesel died this week in Fortaleza. President Dilma Rousseff paid tribute to the researcher who developed the ‘green’ fuel from oilseeds.
Thursday, September 15th 2011 - 07:14 UTC
Uruguay’s GDP expands 4.8% in second quarter buoyed by domestic demand

Uruguay’s GDP expanded 4.8% in the second quarter from a year earlier, the central bank said Wednesday on its website.
Thursday, September 15th 2011 - 07:13 UTC
“Time for muddling through is over” Zoellick tells the US, EU and Japan

The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.
Thursday, September 15th 2011 - 07:11 UTC
Italy approves austerity plan; IMF says now “measures must be implemented”

The Italian parliament gave final approval on Wednesday to a much-altered austerity plan aimed at stemming a debt crisis engulfing the euro zone's third largest economy.
Thursday, September 15th 2011 - 07:08 UTC
Desperate efforts to avoid Greek default; Moody’s cuts ratings of leading French banks

Moody's cut the credit ratings of two French banks Wednesday because of their exposure to Greece's debt, highlighting growing risks to Europe's financial sector from the deepening euro zone sovereign debt crisis.
Thursday, September 15th 2011 - 07:04 UTC
Fears Brazilian states’ battle for oil royalties share could turn nasty

Brazil's government presented a plan on Wednesday for dividing up oil royalties among states, a crucial step in advancing its effort to tap deepwater reserves it hopes will turn the country into a major crude exporter.