An upgrade of Argentina’s credit rating depends on the government taking measures to boost data credibility while compensating investors holding defaulted debt and companies for expropriated assets, said Gabriel Torres, Argentina’s sovereign credit analyst at Moody’s Investors Service.
One day after the Argentine government extended the deadline to legalize undeclared cash, energy company Bridas International gave new life to the BAADE energy bonds, the most relegated portion of the whitewash scheme, by saying it would snap up 500 million dollars of the paper.
Foreign and Commonwealth Office Minister for Latin America, Hugo Swire is in Sao Paulo the last leg of this latest South American tour that had him in Asuncion, Paraguay and the Brazilian cities of Porto Alegre and Brasília in the beginning of the week.
Britain has enshrined, in a written statement to the United Nations, its commitment that it will not enter into a process of sovereignty negotiations with which Gibraltar is not content. And it has also reaffirmed its sovereignty over Gibraltar and its territorial waters, according to the Gibraltar Chronicle.
Brazilian industry production unexpectedly stalled in August, as factories reduced the output of consumer goods. Industrial output was unchanged in August after tumbling a revised 2.4% in July, the national statistics agency said in Rio de Janeiro.
Singapore has signed a new Open Skies Agreement with Uruguay. The agreement allows designated airlines to fly between both countries and it is more liberal than conventional ones, said the Singapore Ministry of Transport in a statement on Wednesday.
Brazil offered Paraguay the rotating chair of Mercosur as of next December, as part of an overall understanding to have the landlocked country return to the block, while accepting the incorporation of Venezuela as a full member of the group. Paraguay rejects Venezuela’s membership alleging it was done against the will of its Senate and in breach of national and international law and of the Mercosur charter.
Brazil, Latin America's largest economy is in dire need of structural reforms and reduced government bloat to fuel sustainable growth, analysts say. And this will not happen overnight and will take massive political will. A giant but it carries “a lot of fat and not much in the way of muscle”.
Brazil’s currency Real declined from its highest level in two weeks after Moody’s Investors Service cited rising debt and weak growth in lowering its outlook on the country’s credit rating to stable from positive.
Foreign Minister Héctor Timerman has confirmed that Argentina will go before the international court of justice at The Hague over the decision of Uruguayan president José Mujica, who on Wednesday authorised increased production at the UPM (ex-Botnia) paper plant.