Uruguay’s budget fiscal deficit soared to 1.35 billion dollars or 2.8% of GDP last year, the highest since 2003, propped by energy costs, extraordinary one time payments and support for the recently implemented national health scheme, according to a release from the Ministry of Economy.
Argentina became the first country censured by the International Monetary Fund for not sharing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted Friday by the IMF 24-member board of directors and even if it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include barred access to IMF loans.
The Falkland Islands government said on Friday it deeply regrets that Argentine Foreign Minister Hector Timerman refused to meet with lawmakers from the Islands and Foreign Secretary William Hague, next week when he travels to London.
An Argentine appeals court has upheld an embargo on the assets of Chevron Corp.'s local subsidiary, a legal setback for the company, which had said the embargo compromised its operations in the country. A lower court judge issued the embargo last year as part of a decades-old legal dispute involving claims that Chevron is responsible for environmental contamination in Ecuador.
Argentina’s powerful organized labour even divided have agreed that the recent rise in the income tax floor announced by the government of President Cristina Fernandez is ‘not enough’ and industrial action is anticipated as soon as next March, when full activity resumes in Argentina following summer holidays.
The outlook for Southern Cone Banks is mixed in 2013, with a stable outlook for Chile and Uruguay, while Argentina faces a negative outlook and the potential for downgrades, according to a new Fitch Ratings report.
The cost of crimes against property and people in Uruguay in 2010 totaled at least 1.2 billion dollars, which was equivalent to 3.1% of the country’s GDP. This was the conclusion of a new study carried out at the country’s Economic Research Center by researchers Aboal Diego, Jorge Campanella, and Bibiana Lanzilotta, with the collaboration of Magdalena Dominguez and Maren Vairo.
Brazil failed to reach its primary budget surplus goal last year posting a primary surplus of 104.951 billion Reais (53 billion dollars), the equivalent of 2.38% of GDP, according to central bank data released this week, which was below the annual target of 139.8 billion Reais, approx 3.1% of GDP.
Visiting United States Congressman Thomas E Petri expressed approval of the decision of Falkland Islanders to hold a referendum on the political status and future of the Falklands.
Argentine Foreign Minister Héctor Timerman turned down an invitation by his British counterpart William Hague to take part in a meeting in London with representatives of the Falklands/Malvinas Islands government, assuring that “the international community does not accept the involvement of a third party” in the sovereignty issue.