The Chilean central bank said on Wednesday that the economy of the world’s top copper producer would contract between 5.5% and 7.5% in 2020, taking it to the lowest levels since the Latin American debt crisis of the 1980s.
Brazil's battered retailers are starting to reopen after weeks of coronavirus lockdown but may exit the crisis transformed, with the e-commerce sector strengthened and brick-and-mortar chains facing an uphill path to normality.
Brazil's President Jail Bolsonaro railed against the country's lockdown on Sunday in a speech to thousands of anti-confinement demonstrators as the number of confirmed COVID-19 infections passed 100,000, with more than 7,000 deaths.
Argentina is willing to keep working toward a deal to restructure its debt if an offer that expires on Friday is rejected, the economy minister said. Economy Minister Martin Guzman told Argentine daily Clarin in an interview published on Sunday that he is seeing a “growing understanding” with bondholders ahead of a May 8 deadline for the offer that creditor groups already criticized.
The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only “weigh heavily” on the near-term outlook but poses “considerable risks” for the medium term as well.
Uruguayan president Luis Alberto Lacalle Pou and his Argentine peer, Alberto Fernandez held a half-hour video conference Tuesday mid-morning to address the recent decision by the current Argentine administration to freeze Mercosur free trade negotiations with potential new partners and instead concentrate efforts in overcoming the COVID-19 pandemic and its sanitary, social, economic and employment consequences.
Argentina’s latest effort to restructure its overseas debt probably won’t be its last, according to ex IMF advisor and Harvard University economist Carmen Reinhart, who has sounded alarms overcoming emerging markets crises in Venezuela and Turkey.
Brazil's Real eyed a fresh record low on Thursday, while other Latin American currencies were muted as markets mulled over increasingly dire economic readings due to the coronavirus.
Argentina said it didn’t make US$ 500 million in debt payments due Wednesday, starting a 30-day countdown to a possible default unless the government and bondholders can reach a deal on restructuring its massive foreign debt.
Data released on Wednesday by the National Institute of Statistics and Censuses (Indec) of Argentina showed that its foreign trade with other countries fell 17.6% in March, compared to year-ago. The trade flow reached US$7.49 billion, in the third month of the year.