Venezuela has the full backing of Brazil and has been invited to participate in the Mercosur presidential summit of next June in Asunción, Paraguay, when Venezuelan President Hugo Chávez will formally request to become an associate member of Mercosur.
In Toronto the Economy Ministers of the 34 American countries working for the creation of a Free Trade of the Americas association ended their meeting with a release committing themselves to promote social policies and combat poverty, but in Buenos Aires the different groups discussing the mechanics of the future association remain split in two main sides.
Brazilian president Fernando Cardoso postponed his official state visit to Argentina scheduled for next April 16/17th. Although the Brazilian Ministry of Foreign Affairs alleged problems with the presidential agenda, political analysts in the industrial hub of Sao Paulo claim the decision is directly related to the Argentine crisis and its consequences.
Peru will be voting Sunday April 8th. for a new President and Congress, a crucial step towards the democratic normalisation of a country that was ruled for almost a decade by iron fisted president Alberto Fujimori with the strong support of the security forces.
Argentine super Economy Minister, Domingo Cavallo confirmed that Argentina will not abandon its exchange rate system based on a one peso-one dollar, which now has been effective for a decade.