Economy

• Wednesday, July 22nd 2009 - 07:03 UTC

  US government exposure to financial crisis could reach 23.7 trillion USD

  

  The total exposure of the US government to the financial crisis could reach 23.7 trillion US dollars, according to a watchdog report. Neil Barofsky, overseeing the Troubled Asset Relief Programme (Tarp), made the estimate in prepared remarks to a House of Representatives committee. The US GDP for 2008 was estimated in 14.3 trillion US dollars.

• Tuesday, July 21st 2009 - 12:01 UTC

  IMF implements plan to inject 250 billion SDR in liquidity boost

  

  The International Monetary Fund (IMF) is planning to inject 250 billion US dollars in Special Drawing Righst, SDR, into the global economy to bolster countries’ reserves as part of measures to combat the world economic crisis.

• Tuesday, July 21st 2009 - 11:19 UTC

  Argentina’s primary surplus falls for seventh month running

  

  Argentina's primary budget surplus plunged 65% in June compared to year earlier, marking the seventh straight month of worsening budget results, the government said on Monday.

• Monday, July 20th 2009 - 13:48 UTC

  Signals the worst of the global crisis in Uruguay is moderating

  

  Private analysts and government officials believe there are signs the worst impacts of the global crisis on the Uruguayan economy are moderating. The Leader Index from the local domestic economics analysis think-tank Ceres, last May stabilized after having fallen for seven months running.

• Monday, July 20th 2009 - 13:40 UTC

  New Argentine economy minister confirms Kirchner’s model

  

  Argentine Economy minister Amado Boudu discarded the implementation of “shock measures” and anticipated some changes will take place “to strengthen some institutions”. But he emphatically confirmed the continuation on course of “the 2003 political project”.

• Monday, July 20th 2009 - 13:32 UTC

  Argentina’s trade surplus in six months jumps 91.7%; imports down 38%

  

  Argentina’s trade surplus jumped 91.7%, equivalent to 9.8 billion US dollars in the first half of this year compared to the same period a year ago, according to the latest release from the country’s statistics office, Indec.

• Monday, July 20th 2009 - 12:51 UTC

  Argentina planning to remove bonds adjusted to inflation

  

  Argentina will seek to remove from the bonds market nearly 40% of its sovereign debt and meet all its financial obligations, Economy Minister Amado Boudou was quoted by a Buenos Aires daily on Sunday.

• Saturday, July 18th 2009 - 15:15 UTC

  Brazilian economy giving signs the worst of the recession is over

  

  Brazil’s currency Real had its biggest weekly gain in almost two months on optimism the worst of the global recession is over. The Real climbed 3.6% this week, the most since the period ended May 22 rising 0.3% to 1.9261 per US dollar on Friday. So far this year the Real has strengthened 20%.

• Saturday, July 18th 2009 - 15:11 UTC

  Argentina’s economy worst monthly performance in seven years

  

  Argentina’s economy had its worth monthly performance in almost seven years in May amid slumping industrial production and construction. Economic activity was unchanged in May from a year earlier, the first time the government hasn’t recorded growth since November 2002. The economy rose 0.1% in May from April, according to the national statistics agency, Indec.

• Saturday, July 18th 2009 - 14:47 UTC

  White House defends stimulus plan in spite of soaring unemployment

  

  United States President Barack Obama's 787 billion US dollars stimulus package is working, top White House economic adviser Lawrence Summers insisted on Friday. And although unemployment is a “major area of concern”, Mr Summers said rising joblessness does not prove that the stimulus “is falling short”.