Economy

Wednesday, October 1st 2008 - 21:00 UTC
Uruguay's total debt equivalent to 68% of GDP

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%.
Wednesday, October 1st 2008 - 21:00 UTC
Ireland bail out plan rattles European banking system

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.
Wednesday, October 1st 2008 - 21:00 UTC
Argentina's debt spread at its highest since June 2005

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.
Wednesday, October 1st 2008 - 21:00 UTC
Largest fall in remittances from Mexicans in US

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
Tuesday, September 30th 2008 - 21:00 UTC
Chilean peso looses 22% value in dollar terms in 6 months

Chile's Central Bank on Monday called an early halt to the 8 billion US dollars foreign-exchange intervention plan that has seen the peso depreciate 22% against the US dollar since April arguing the impact of international financial markets.
Tuesday, September 30th 2008 - 21:00 UTC
Brazilean Real drops to nine year record past 2 dollar level

Brazil's Real plummeted the most in nine years, weakening past the 2-per-dollar level, as a direct consequence of the US House of Representatives rejection of the 700 billion US dollars bailout package for the financial system.
Tuesday, September 30th 2008 - 21:00 UTC
Argentina and Brazil ready to trade in local currencies

Argentina and Brazil will be launching in a week's time a “de-dollarized” trade system for small and medium companies which should considerably reduce financial costs that could be extended in the near future to the tourism industry, according to banking sources quoted in Buenos Aires La Nacion.
Tuesday, September 30th 2008 - 21:00 UTC
Argentina opens path to accord with bond holdouts

Argentina signed an agreement with three banks to attempt to restructure debts to sovereign bond holders who rejected a 2005 settlement over a historic default, the government announced Monday.
Tuesday, September 30th 2008 - 21:00 UTC
US Representatives extends benefits to Andean countries

The United States House of Representatives voted unanimously on Monday to approve a one-year extension of trade benefits for Colombia, Peru, Ecuador and Bolivia that expire at the end of the year.
Tuesday, September 30th 2008 - 21:00 UTC
Richest Latinamerican warns of financial crisis impact

Mexican billionaire Carlos Slim and Latinamerica's richest man is calling the current financial crisis the worst he has ever seen and anticipated it is going “to impact everybody”. It's a very difficult situation and it will affect all economies he added.