Latin America pledged investment opportunities for recession-hit Spanish and Portuguese companies but warned its former colonial masters drastic cost cutting would only deepen their misery.
Spain and Portugal sought help from their former Latin American colonies to rescue them from economic crisis through a new wave of trade and investment across the Atlantic Ocean.
Spanish President Mariano Rajoy stated that he “would have liked” his Argentine counterpart, President Cristina Fernández to have attended the XXIIth Ibero-American summit, starting Friday in Cádiz.
The XXII Ibero-American summit which takes off Friday in the city of Cadiz will be focused on the Euro zone crisis and the need to boost investments in Latin America of which Spain can become the “vertebrate axis” said Spanish Foreign minister Jose García Margallo.