Author Topic: FINANCIAL CRISIS: WORLD ROUND-UP  (Read 1040 times)

Offline furtune

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FINANCIAL CRISIS: WORLD ROUND-UP
« on: October 17, 2008, 05:37:46 PM »

A look at the regions of the world most affected by the financial crisis, and what governments are doing to try to alleviate the financial turmoil.

AMERICAS

ARGENTINA:

Background: Rich in resources with a well-educated workforce and one of South America's largest economies, but has also fallen prey to a boom and bust cycle.

Key data: Gross National Income per capita: US $6,050 (World Bank, 2007)

Latest: The government is considering a host of measures to contain the impact of the global financial crisis, including a pact with businesses and unions to avoid job losses, higher tariffs on imports, trade barriers and a weaker peso, local media have reported.

BRAZIL:

Background: Natural resources, particularly iron ore, are highly prized by major manufacturing nations. Has become self-sufficient in oil, ending decades of dependence on foreign producers. Has had to be bailed out in times of economic crisis, but reforms in the 1990s, including privatisations, brought some financial stability. There is a wide gap between rich and poor.

Key data: Gross National Income per capita: US $5,910 (World Bank, 2007)

Latest: Its central bank continued to sell foreign currency reserves on 13 October for the sixth consecutive business day in a bid to stabilise the real and recouping some of its losses from the previous week. Has already eased limits on bank reserves, freeing up about $10bn in credit. The Sao Paulo Stock Exchange suspended dealing three times in a week after declines on the Bovespa index topped 10%.

CANADA:

Background: One of the world's richest nations - thanks partly to immigration. The North American Free Trade Agreement, involving Canada, the US and Mexico, has brought a trade boom. Has been asserting sovereignty in the Arctic with growing with the possible bounty from previously-untapped reserves of oil and gas at stake.

Key data: Gross National Income per capita: US $39,420 (World Bank, 2007)

Latest: The Bank of Canada cut its key interest rate by half a percentage point to 2.5% on 8 October in a co-ordinated effort with other central banks.

On 10 October, Finance Minister Jim Flaherty attempted to ease the credit crunch by announcing CAN$25bn ($21bn) of asset-swaps between the country's major banks and the government-owned Canada Mortgage and Housing Corporation (CMHC). The Bank of Canada said three days later it would provide exceptional liquidity to the financial system "as long as conditions warrant".

MEXICO:

Background: Major oil producer and exporter. Nearly one-third of government revenue comes from the industry. Much bought by the US. Prosperity remains a dream for most Mexicans. Rural areas are often neglected and huge shanty towns ring the cities. Many poor Mexicans try to cross the 3,000-km border with the US in search of a job.

Key data: Gross National Income per capita: US $8,340 (World Bank, 2007)

Latest: President Felipe Calderon has proposed to spend $4.4bn on infrastructure and energy projects to boost the economy. The central bank also sold a combined $8.9bn in foreign currency reserves in a week to prop up the falling peso, which recovered somewhat on 13 October after falling to an all-time low against the US dollar.

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FINANCIAL CRISIS: WORLD ROUND-UP
« on: October 17, 2008, 05:37:46 PM »

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Offline beibee

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Re: FINANCIAL CRISIS: WORLD ROUND-UP
« Reply #1 on: October 17, 2008, 06:24:45 PM »


nigeria yet to be in the picture?
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Offline furtune

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Re: FINANCIAL CRISIS: WORLD ROUND-UP
« Reply #2 on: October 23, 2008, 02:07:39 PM »
lol....maybe you will need look well
« Last Edit: October 23, 2008, 03:05:28 PM by furtune »
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Offline beibee

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Re: FINANCIAL CRISIS: WORLD ROUND-UP
« Reply #3 on: October 23, 2008, 02:55:57 PM »


what?
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Re: FINANCIAL CRISIS: WORLD ROUND-UP
« Reply #3 on: October 23, 2008, 02:55:57 PM »

 

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