Latin American countries Tuesday reacted differently to current world financial crisis with some urging for more support from developed nations and some taking active measures against it.
Brazilian President Luiz Inacio Lula da Silva criticized the so-called "casino set in the U.S. economy," adding that the poorest countries can not afford to take financial adventures.
Lula said that he had tried to discuss the crisis with G-8 countries twice, but did not come up with any solution.
The president said that Brazil had prepared to cope with the crisis but rich countries are the one who should solve the problem.
Argentina's Central Bank President Martin Redrado ruled out the possibility that the country could suffer a similar economic crisis like the one at the end of 2001.
Redrado said that Argentina had "a hard and flexible currency and financial system. "We are on conditions not only to keep the stability but to protect our economy in this change of context," Redrado said.
Chilean Treasury Minister Andres Velasco said that Chile would address the current world financial crisis with solidity and tranquility.
"Chilean financial system is a solid conjunction, it is well regulated and well capitalized, but this does not mean that we should not pay attention, we must be very alert," Velasco said.
The government has taken corresponding measures to face in a good way the global scene and "the fundaments of the Chilean economy allow us to be tranquil," Velasco said.
Meanwhile, Chilean President Michelle Bachelet said that it was "life irony" that rich countries now had a financial crisis and were on the edge of a recession.
"For years the rich countries and international financial centers taught lessons to Latin America on how to organize and modernize its markets" and now we see those rich countries are on crisis for lack of regulations, Bachelet said.
The Shares Selective Price Index (IPSA) from Santiago, main index of the Commerce Bourse of Santiago, Tuesday registered a drop of 2.34 percent after Monday suffering the worst drop in a decade.
Venezuelan businessmen said Tuesday that they were concerned about the effects of the U.S. financial crisis on Venezuelan economy.
"Venezuela will not be immune to the world crisis and our economy is not armored for the effects of a global recession," said Jose Manuel Gonzalez, president of the Fedecamaras Organization which groups regional commerce and industry associations.
Gonzalez said that it was not an exclusive task for the government but for all sectors in the country to face the crisis and reduce its impacts.
If it could be a deceleration, Colombia will not have a recession and it will evade the international financial crisis, Colombian Treasury Minister Oscar Zuluaga said.
"We can give a general report of tranquility and normality on the financial system," Zuluaga told the local press.
The minister added that Colombia has a good system of supervision and it has defined good mechanisms of regulation for market operation.
Ecuadorian government said that it would seek resources and new export markets for such products like flower, cacao, banana and shrimp, which are affected by the U.S. financial crunch.
Ecuadorian Agriculture Minister Walter Poveda said that "it is not possible yet to know which are going to be the direct qualitative and quantitative effects of the U.S. crisis, but this will not create a crisis in these sectors."
Meanwhile, Particio Pena, president of the Stock Bourse of Quito, said that the U.S. financial crisis would affect Ecuador, mainly on exports, remittances reception of the Ecuadorian immigrants and even the employment.
Some 50 percent of the Ecuadorian exports go to U.S. market, according to Pena.
Latin American bourses Tuesday replicated the losses from Monday despite the general expectation for at least a technical bounce of the main indexes.
Source:Xinhua
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