Economy

• Wednesday, March 24th 2010 - 22:27 UTC

  Portugal credit rating downgrade sank the Euro and Wall Street

  

  The Euro sank to a 10-month low against the dollar and US stocks fell on Wednesday after a downgrade of Portugal's credit rating raised worries about Europe's growing debt burden.

• Wednesday, March 24th 2010 - 05:24 UTC

  Crisis lesson: better to rely on international reserves than IMF credit says Brazil

  

  Brazil’s Central Bank believes it is better for the country to hold its own foreign exchange reserves than to rely on credit lines from international institutions such as the International Monetary Fund.

• Wednesday, March 24th 2010 - 05:21 UTC

  Argentina’s default restructure: 9.5% dollar bonds due in 2017

  

  Argentina will offer 9.5% dollar bonds due in 2017 in its plan to restructure 20 billion USD in defaulted debt, Ambito Financiero newspaper reported Tuesday. The bonds will be issued to compensate for past-due interest and the most recent past-due payment on warrants linked to economic growth, the Buenos Aires newspaper said.

• Tuesday, March 23rd 2010 - 23:02 UTC

  One out of five Spaniards “below the threshold of poverty”

  

  Spain’s economic crisis had devastating effects on the quality of life of the population during 2009. According to a damning survey on living conditions in the country published by the National Statistics Institute (Instituto Nacional de Estadisticas) 13.7% of households in Spain had “great difficulty” in making ends meet at the end of each month.

• Tuesday, March 23rd 2010 - 22:56 UTC

  UK consumer inflation falls to 3% in February

  

  Lower prices of toys and games have contributed to a fall in the UK's headline rate of inflation to 3% - closer to the Bank of England's 2% target. The Consumer Prices Index (CPI) fell to 3% in February from 3.5% in January, new figures from the Office of National Statistics (ONS) show.

• Tuesday, March 23rd 2010 - 22:10 UTC

  Uruguay on the world’s viticulture map with its distinctive Tannat wines

  

  Argentina has its Malbec; Chile has its Carmenere and now Uruguay, not to be out-classed by its more famous wine-producing neighbours, is taking the world of viticulture by storm, with its distinctive Tannat wines.

• Tuesday, March 23rd 2010 - 03:32 UTC

  European Union remains divided over monetary aid to Greece

  

  The president of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union.

• Tuesday, March 23rd 2010 - 03:30 UTC

  Bloated budget with limited margin, for Lula da Silva’s successor

  

  Whoever succeeds Brazilian President Lula da Silva next January will receive a budget highly committed to infrastructure and with limited margin for economic decision-making according to Sunday reports in the Rio do Janeiro press.

• Tuesday, March 23rd 2010 - 03:18 UTC

  Green light for Argentina to restructure 20 billion in defaulted debt

  

  Argentina has US regulatory approval to restructure 20 billion USD in defaulted debt and expects to launch the deal within three weeks, announced the government on Monday.

• Tuesday, March 23rd 2010 - 03:03 UTC

  Cuban farmers pushing for greater autonomy to produce and sell crops

  

  Cuban farmers are pressing for greater autonomy to produce and sell their crops, blaming government inefficiency for Cuba’s falling food output despite agricultural reforms introduced by President Raúl Castro.