Tag Archives: Latin America

Kerry Calls for Democracy as US Flag Is Raised in Cuba

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“Jubilant crowds waved American flags and chanted “Long live the United States!” as the Stars and Stripes rose over the newly reopened U.S. Embassy in Cuba on Friday after a half-century of often-hostile relations. Secretary of State John Kerry celebrated the day but also made an extraordinary, nationally broadcast call for democratic change on the island.  Kerry and Rodriguez said their nations would continue to disagree over issues such as democracy and human rights. But they also said they hoped to make progress on issues ranging from maritime security and public health to the billions of dollars in dueling claims over confiscation of U.S. property and the U.S. economic embargo on the island.”

http://abcnews.go.com/International/wireStory/top-us-diplomat-flies-cuba-policy-victory-lap-33076435?singlePage=true

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Ravaged by Oil’s Collapse, Venezuela Now Has a Big Gold Problem

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“The South American country, which is trying to stave off a bond default in the wake of oil’s swoon, had 68 percent of its international reserves in bullion as of August, according to the World Gold Council. That’s a big worry because the price of the precious metal has tumbled 15 percent from this year’s high in January as the global slump in commodities deepened.  The decline threatens to erode reserves the cash-strapped country relies on to pay its foreign debt.  Venezuela’s dollar-denominated bonds have lost 19.2 percent in the past three months, the most in emerging markets, as the collapse in oil exacerbates concern the nation will run out of money to pay debt.”

http://www.bloomberg.com/news/articles/2015-08-10/ravaged-by-oil-s-collapse-venezuela-now-has-a-big-gold-problem

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China Devaluation Is Blow to Cash-Strapped Argentina’s Reserves

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“China’s devaluation couldn’t come at a worse time for Argentina.  About a quarter of the country’s $33.7 billion of foreign reserves are now denominated in yuan, which suffered its biggest loss since 1994 on Tuesday.  The move is eroding the cash Argentina uses to pay its debt and comes as the nation is effectively shut out of overseas bond markets and struggling to defend its slumping peso at home. The country’s yuan holdings have ballooned since it signed an $11 billion currency-swap agreement with the People’s Bank of China in July.  In the unregulated market Argentines use to sidestep the government’s currency controls, the peso has sunk 12 percent in the past two months.”

http://www.bloomberg.com/news/articles/2015-08-13/china-devaluation-is-blow-to-cash-strapped-argentina-s-reserves

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Symbol of Pinochet abuses, Chilean woman says justice is now coming

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“At the time, the burning attack drew condemnation worldwide and strained relations with U.S. President Ronald Reagan’s government, which demanded a full investigation and judicial action.  In his testimony, [former soldier] Guzman denied the two were victims of their own firebomb, calling it ‘a total lie’ by the military.  In all, 40,018 people were killed, tortured or imprisoned for political reasons during Pinochet’s dictatorship, according to official figures. Chile’s government estimates 3,095 were killed.  About 70 military officials have been jailed for crimes against humanity and some 700 more are facing trial. Pinochet died in 2006 under house arrest without ever being tried.”

http://www.foxnews.com/world/2015/07/29/symbol-abuses-under-pinochet-regime-scarred-chilean-woman-says-justice-is-now/

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Amid economic crisis, Puerto Rico cuts spending by $150 million

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“Puerto Rico’s government says that in recent years it has reduced certain expenditures by nearly $150 million amid a worsening economic crisis.  Budget director Luis Cruz says the cost of contracting for professional services has dropped by more than 55 percent. He says the government of the U.S. territory also has cut contracts related to services purchased by $93 million.  Cruz said late Monday that the government also has moved public offices from private buildings to state-owned locations for nearly $20 million in savings. Puerto Rico is entering its ninth year of recession and is struggling with $72 billion in public debt that Gov. Alejandro García Padilla has said is unpayable.”

http://latino.foxnews.com/latino/money/2015/07/22/amid-economic-crisis-puerto-rico-cuts-spending-by-150-million/

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Puerto Rico in default after measly payment

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“Debt-ravaged Puerto Rico is in default after forking over only a fraction due in a bond payment, Moody’s said in a statement Monday afternoon.  An agency associated the government of the island, a territory of the United States, only made a partial repayment Monday to creditors on bonds issued through the island’s Public Finance Corporation.  Puerto Rico’s Government Development Bank, of which Public Finance is a subsidiary, paid only $628,000 of the $58 million due.  The fractional payoff shows Puerto Rico’s deepening debt crisis. The commonwealth is desperately trying to restructure its $72 billion debt.”

http://www.usatoday.com/story/money/markets/2015/08/03/puerto-rico-default/31071407/

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Ron Paul: For Normal Relations With Cuba, End US Interventionism

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“President Obama announced on Wednesday that the US and Cuba would restore full diplomatic relations and that embassies could be re-opened in each country by the end of the month.  For this achievement, which was resisted by vested interests in the US, Obama should be praised. However we shouldn’t be too optimistic about truly establishing normal relations until we understand how relations became so abnormal in the first place. The destruction of relations between the two countries was preceded by US intervention on behalf of a hated Cuban dictator, Fulgencio Batista, which had turned the Cuban people against the United States and set the stage for the emergence of Fidel Castro.”

http://www.ronpaulinstitute.org/archives/featured-articles/2015/july/06/for-normal-relations-with-cuba-end-us-interventionism/

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Brazil Builds Internet Cable To Portugal To Avoid NSA Surveillance [2014]

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“Brazil is building a cable across the Atlantic to escape the reach of the U.S. National Security Agency (NSA). The move is one of many ways the Brazilian government is breaking ties with American technology companies — but it won’t come cheap.  The 3,500-mile fiber-optic cable will stretch from Fortaleza to Portugal, with an estimated cost of $185 million, Bloomberg reported.  Of course, none of this will go to American vendors.  Last year, Edward Snowden leaked documents that showed the NSA was accessing personal information of Brazilian citizens, including listening to phone calls of President Dilma Rousseff, its embassies and the state-owned oil company Petrobras.”

http://www.ibtimes.com/brazil-builds-internet-cable-portugal-avoid-nsa-surveillance-1717417

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Ecuador launches new digital currency after banning competitors

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“The new system, which is officially set to launch on Thursday, will work much like mobile phone bank payments in other countries: users will be able to exchange hard cash for digital money which is stored in an electronic wallet on their phones.  As with other mobile payment programmes, text messages will allow users to make payments to other accounts, but what makes this plan different is that this is the first time a national government will have full control; everything from the creation of new units to securing the system against attack will be managed by the Central Bank of Ecuador.  The bill that authorized the digital dollar also banned Bitcoin and other digital currencies.”

http://www.theguardian.com/world/2015/feb/26/ecuador-digital-currency-dollar-rafael-correa

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Living with Venezuela’s high inflation

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“As the world watches the Greek debt crisis unfold, the economy of a country in another corner of the planet is also struggling, and some experts are even trying to draw similarities.  Venezuela has the world’s highest inflation, leaving many facing shortages and soaring prices.  While the government of president Nicolas Maduro says this is the result of an ‘economic war by capitalists and the United States against the country’s socialist revolution’, critics say the high inflation rate is simply showing the government’s economic incompetence.  The BBC’s Daniel Pardo explains how inflation affects what Venezuelans buy every day, like the popular snack called Arepa.”

http://www.bbc.com/news/world-latin-america-33427761

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