The United States Senate approved Wednesday evening a new version of a 700 billion rescue plan for the troubled US financial system. Senators voted 74 to 25 in favor of the emergency legislation designed to stabilize volatile markets and limit further damage to the economy.
The European Central Bank left interest rates unchanged at 4.25%, resisting pressure for a rate cut. However ECB president Jean Claude Trichet said that a quarter point interest rate cut had been considered, but there had been a unanimous vote against it.
United States car sales fell sharply in September, in the latest sign that the continuing problems in the financial sector are starting to hit the general economy.
Argentine lamb and mutton exports increased 4% in volume and 21% in US dollars during the first eight months of the year according to the latest release from Senasa, the agro-food sanitary and quality service.
Ireland's Prime Minister Brian Cowen defended a radical 400 billion Euro state move to shore up its financial system and in the continent France, Belgium and Luxembourg bailed out a second bank .
Uruguay's consolidated fiscal deficit in the twelve months to August was 0.8% of GDP, which means it has remained relatively stable (July 0.9%), according to official data from the Ministry of Economy.
Uruguay's overall debt at the close of the second quarter was 18.2 billion US dollars, having increased 779 million US dollars over the first quarter, thus totalling the equivalent to 68% of GDP. At the end of March the debt/GDP ratio was 70%.
The European Commission said on Tuesday it is in close contact with the Irish government over its decision to guarantee all bank deposits. Concerns have been raised that Dublin's move may give Irish banks an unfair advantage over foreign competitors.
Argentina's sovereign debt spreads topped 1,000 basis points on the JPMorgan EMBI+ index 11EMJ on Wednesday as investors worried about the country's ability to keep servicing debt in coming years, amid tighter credit conditions.
Remittances from Mexicans living in United States dropped 12% in August, the largest fall since the Bank of Mexico began tracking records twelve years ago, the country's Central bank reported on Wednesday