Another big story: while the OAS aims to legitimize the Cuban regime by granting it membership in the organization, the Cuban government rejected the idea via an article by Fidel Castro in Granma, the official organ of the Cuban Communist Party.
In other news, Peru is also granting asylum to Bolivian ministers who oppose Evo Morales. as you may recall, Peru recently granted political asylum to Venezuelan opposition leader Manuel Rosales.
Welcome to the Carnival of Latin America and the Caribbean. If you would like your post included in next week's Carnival please email me, faustaw2 "at" gmail "dot" com.
I chose the "Who painted it?" theme for today's Carnival since it's yet another sign of the current administration's ignorance of the history and traditions of the region. "You have a marvelous virgin!" indeed.
My article, Chavez, Now and Forever? on Hugo Chavez's referendum victory, is up at Real Clear World. Please read it and leave a comment.
The Carnival of Latin America and the Caribbean
Undoubtedly the big story of the week is yesterday's Venezuelan referendum. Please scroll down to the Venezuela section for a roundup of posts and articles.
Welcome to the Carnival of Latin America and the Caribbean. If you would like your posts included in the Carnival, please email me, faustaw2 “at” gmail “dot” com.
While Venezuela remains in the news since this week precedes next Sunday’s constitutional referendum, there are good news from the region. I’ll talk in today’s podcast at 11AM Eastern about how Uruguay’s favorable business environment is attracting foreign investment, and there are other stories – check top story under the Latin America header for more.
Last week Chavez expelled the Israeli ambassador to Caracas. Yesterday he was threatening to expel the American Charge d'Affaires in Caracas, John Caulfield, for going to a wedding in Puerto Rico. Chavez claims Caulfield was plotting against him...at the wedding.
Argentina's economic outlook is bleak, and not likely to improve over the short term. While the country has been invited to the G20 summit and may be distancing itself from Caracas's influence, government spending is out of control,
Argentina’s Ministry of Economics estimated in midsummer that the country was carrying about $150 billion in debt. The government has been borrowing from anyone who will lend — namely, the captive domestic bond market and regional ally Venezuela — at high interest rates to fund its populist programs, which include steep energy subsidies and the outright nationalization of six (now seven, counting Aerolineas) companies. Payments on Argentina’s debt will total more than $10 billion in the first six months of 2009 alone. At the same time, the government is assuming more and more responsibilities across the board and shows no sign of halting.
Because the 2009 government budget did not take the nationalized pension funds into account, it appeared at first blush that the government might have secured for itself some means of taking the bite out of debt payments with that appropriation. Given that the original budget was based on highly optimistic economic performance forecasts — the global downturn and the decline of Argentina’s agriculture industry notwithstanding –- it was possible to argue that the move was relatively prudent, despite the jitters felt by investors.
But the reality is that Fernandez is increasing spending at such a rate that the administration will quickly burn through the extra cash. This is not typical debt manipulation, but rather, as investors had feared, the outright commandeering of Argentines’ retirement savings to prop up the government’s populist policies.
Setting aside the emotional and financial impact to Argentine workers as they contemplate their futures, the government has ensnared itself in an accounting dilemma. If spending continues in the face of falling revenue and limited credit, Buenos Aires eventually will hit a wall. And so far, its only recourse has been to liquidate what few financial assets remain in-country. Although there could yet be a grand scheme that will compensate for this problem, the government has shown no evidence thus far that one exists. The odds of an outright debt default and a return to the economic crisis of 2002 are growing.
The Antigua Sun reported that the Antigua and Barbuda Medical Registration Board (MRB) refused to register the documents because, according to the Chairman of the MRB, David Dorset, the requirements were not satisfied that they could practice medicine by themselves.
Additionally Dorset said the applicants had not proven their entitlement to practice medicine in another country. Therefore, they would not be registered in Antigua and Barbuda under the Medical Act.
Welcome to the Carnival of Latin America and the Caribbean. If you would like your posts included in next Monday's Carnival please email me, faustaw2 "at" gmail "dot" com.
Last week Cuba celebrated the 50th anniversary of its Communist revolution. Please check the posts listed under Cuba below for a roundup of articles and posts.
Tomorrow at 11AM Humberto Fontova will be my podcast guest and he'll talk about the anniversary; in today's podcast I'll touch on Bolivia's new TV station, sponsored by Iran and Venezuela, Argentina's change shortage, and other headlines.
Equipment valued at US$27,000 was recently handed over to Belize's National Emergency Management Organization (NEMO). Ceremonies were held at NEMO’s Warehouse in Belmopan.
The equipment includes more than 500 folding beds commonly referred to as cots and more than 100 sleeping bags. This most recent donation is from the United States Southern Command, based in Miami.
On hand to make the presentation was United States Ambassador to Belize, Robert Deiter. In making the presentation, Deiter said the US, in assisting in the area of management this year alone, made other donations recently to the Belize Defence Force and the National Coast Guard, in addition to training in several villages across the country.
Deiter stated that he is proud of his Mission’s work with NEMO in a region where disasters can and do strike/
ECUADOR Equador determina pagamento de parte da dívida com o BNDES Ecuador paid $28.1 million of its $243 million loan to Brazil’s National Economic and Social Development Bank Banco Nacional de Desenvolvimento Econômico e Social (BNDES), while Rafael Correa still says the loan is “illegal.” (h/t Market Memorandum)
Welcome to the Carnival of Latin America and the Caribbean. If you would like your posts included in the next Carnival, please email me, faustaw2 "at" gmail "dot" com.
This week's big story: Brazil continues its ascendance as a diplomatic powerhouse for the hemisphere. Last week thirty-three countries met in Brazil for the first Latin American and Caribbean Summit on Integration and Development. Today president Lula hosts French President Nicolas Sarkozy, who's visting the country to bring about bilateral cooperation in several areas, including the production of defense submarines. I'll be discussing Sarko's visit in today's podcast at 11AM Eastern, which you can listen to here.
Combined with a revamped Plan Colombia, the FTA can then promote both human rights and the overall quality of life in Colombia. One of the loudest proponents for the FTA is Asocolflores, Colombia's flower exporters association. Dependent on the U.S. market, its companies employ 200,000 Colombians. This and other export industries create jobs and opportunities that provide poor Colombians alternatives to growing coca, the plant used to make cocaine.
Real change will not come from bulletproof armor, helicopters, and tanks, but will depend on Colombia's institutional capabilities and the economic opportunities it can offer its citizens. The United States should focus Plan Colombia on improving justice and human rights, and pass the FTA to improve economic opportunities for both countries' citizens. President-elect Obama's campaign promised change; our regional partners could use some, too.
And while developing world economies have taken a sharp turn for the worse in recent months, Ecuador is ceasing payments not because the oil-rich country cannot afford to pay but because it has made a political decision not to.
The default is Ecuador’s second in a decade and seventh in its 178-year history. More links and posts below.
Reputed one-time Colombian cocaine kingpin Diego Leon Montoya Sanchez is in Florida after being extradited from his South American homeland, U.S. officials say.
Known as "Don Diego," Montoya Sanchez allegedly once commanded the North Valley cartel, a narco-trafficking empire that exported at least 1.2 million pounds of cocaine to the United States. But Friday he was sitting in a tiny federal jail cell in Miami, The Miami Herald reported.
U.S. Attorney R. Alexander Acosta said the Colombian's extradition marked a historic point in efforts by the United States to smash the vast cartel, saying Montoya Sanchez's arrest was the most significant since the convictions of brothers Gilberto and Miguel Rodriguez Orejuela, the 1980s leaders of Colombia's Cali cartel.
Wildlife officials patrolled streets and undeveloped lots in a sort of suburban safari Sunday, searching for a nocturnal predator that has mauled a sheep, ripped apart chickens and dominated newspaper headlines in the tropical U.S. territory since last week.
I didn't know there were any sheep or chickens in Rio Piedras, either.
Fausta was born and raised in Santurce, Puerto Rico and is a long-term resident of Princeton, New Jersey. She discusses New Jersey, taxation, current events, and how news are reported in the French and Spanish-language media at Fausta's Blog.
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