Economy

• Wednesday, February 24th 2010 - 06:46 UTC

  Officially recession is over but Mexico’s economy contracted 6.5% in 2009

  

  Mexico’s GDP shrank by 6.5% last year amid the global recession, greater than the 6.2% of 1995 but the less severe end of the range of 6.5 percent to 7.5% decline forecast by the Mexican central bank.

• Wednesday, February 24th 2010 - 02:29 UTC

  Intra-Mercosur trade experienced one of its worst years in 2009

  

  Trade among Mercosur members plummeted in 2009 under the effects of the international slowdown which severely limited access to financing and made credit in the region harder to obtain, according to a report from the Inter American Development bank, IDB.

• Tuesday, February 23rd 2010 - 03:26 UTC

  Financier Soros warns about future of the Euro and Euro-zone

  

  The Euro risks falling apart unless Euro-zone member nations alter the way they tackle future debt crises, financier George Soros warned Monday in an article published in the Financial Times.

• Tuesday, February 23rd 2010 - 02:18 UTC

  IMF suggests Uruguay returns to “fiscal objectives” and creates “energy fund”

  

  The International Monetary Fund, IMF suggested Uruguay should retake its most ambitious “fiscal objectives” in the coming five-year budget to be discussed this year by the new parliament. The emphasis should be in “restricting” outlays since the current level of salary increases for civil service is “not sustainable”.

• Monday, February 22nd 2010 - 23:51 UTC

  Goldman Sachs defends 2001 swap-deal to mask debts of Greece

  

  Goldman Sachs defended the 2001 debt-swap deal with Greece that may have allowed the country to mask the extent of its debt woes. Gerald Corrigan, chairman of Goldman Sachs Bank USA, the bank's holding company, said it was “consistent” with the regulations of the time.

• Monday, February 22nd 2010 - 01:01 UTC

  Ecuador strongly defends relations with Iran, in spite of black list

  

  Ecuador's inclusion on an international list of nations accused of lagging in the fight against money laundering is a hypocritical punishment for its relations with Iran, Ecuador's president said during his weekly television address.

• Sunday, February 21st 2010 - 01:09 UTC

  Germany denies “concrete” aid package for Greece

  

  Germany’s Finance Ministry said on Saturday it has no specific plans for helping Greece combat its deficit crisis, denying a magazine report that euro-area governments may offer as much as 25 billion Euros in aid.

• Saturday, February 20th 2010 - 21:20 UTC

  US Fed members insists borrowing costs will remain low

  

  The US Federal Reserve poured cold water on speculation that a surprise hike to its emergency lending rate signalled a change in monetary policy, saying borrowing costs in the economy would remain low.

• Friday, February 19th 2010 - 21:11 UTC

  Argentina rejects orthodox recipes to fight inflation; promises “competitive” peso

  

  Argentina’s Central bank new authorities rejected orthodox recipes as a way to fight rising consumer prices anticipating they will focus on helping companies boost output as private economic analysts forecast inflation ranging between 20 and 30% this year after having reached 15% in 2009.

• Friday, February 19th 2010 - 21:08 UTC

  Embattled Greek PM warns in London of “contagion”

  

  The Greek Prime Minister has admitted there is a “fear of contagion” as his nation battles its debt crisis. George Papandreou also insisted his country was not looking for a banking-style bailout and denied that his people were “reckless”.