Economy

• Tuesday, August 9th 2011 - 12:53 UTC

  “The most significant financial crisis capitalism has faced in contemporary history”

  

  “I have no doubts we are before the most significant financial crisis capitalism has faced in contemporary history”, said Uruguay’s Vice-president Danilo Astori when asked about the possible consequences for the region if the lack of confidence in the US dollar and Euro extends.

• Tuesday, August 9th 2011 - 07:50 UTC

  The crisis in advanced countries “was never over, it’s chronic’ warns Brazilian minister

  

  Brazil’s Finance Minister Guido Mantega admitted Monday that if the international crisis in the EU and US markets persists, Brazil would have to lower its growth estimate.

• Tuesday, August 9th 2011 - 07:44 UTC

  Latam markets losses greater than in Europe and the US

  

  The main stock markets in Latin America also suffered the impact of panic selling in major markets.

• Tuesday, August 9th 2011 - 07:37 UTC

  Gold soars to 1.700 dollars as world markets are on free-fall fearing recession

  

  Asian equity markets were sharply down early Tuesday as investors fearing a possible global economic slowdown continued to flee stocks as had happened earlier in Europe, United States and Latin America.

• Tuesday, August 9th 2011 - 07:26 UTC

  Canada-Brazil CEO forum to consider trade agreement with Mercosur

  

  Visiting Canadian Primer Minister Stephen Harper and Brazilian President Dilma Rousseff signed on Monday several agreements on air travel, pension benefits, international aid and other areas at the Planalto Executive palace in Brasilia.

• Monday, August 8th 2011 - 20:32 UTC

  Moody’s repeats downgrade warning by 2013 if US does not cut budget deficit

  

  Ratings agency Moody's repeated a warning Monday it could downgrade the United States before 2013 if the fiscal or economic outlook weakens significantly, but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then.

• Monday, August 8th 2011 - 20:06 UTC

  Brazil, ‘world’s fifth largest economy’ is ready to face the crisis, says Rousseff

  

  Brazilian President Dilma Rouseff on Monday the country is ready to face the world’s economic crisis and reiterated Brazil’s prognosis as the world’s fifth economy.

• Monday, August 8th 2011 - 19:52 UTC

  Obama calls for ‘political will’ to address situation; ‘US will always be triple-A’

  

  Stock markets extended their heavy losses on Monday despite US President Barack Obama moving to try to reassure investors. In his first public reaction to Standard & Poor's downgrading the US, President Obama said markets continued to regard US government debt as being the highest possible grade.

• Monday, August 8th 2011 - 11:28 UTC

  European Central Bank expected to buy Italian and Spanish bonds

  

  The European Central Bank has said it will buy Euro zone bonds, following emergency talks on the debt crisis. ECB did not say which bonds it would buy but analysts expect them to be from Italy and Spain.

• Monday, August 8th 2011 - 04:48 UTC

  Chilean Patagonia districts in ‘agriculture emergency’ because of snow storms

  

  Four districts in the Chilean extreme south region of Magallanes were declared in “agricultural emergency” given the harmful effects of snow storms in the area.