President of the Inter-American Development Bank (IDB) Luis Alberto Moreno said that Lain America "has a great capability to tackle this global financial crisis," local daily La Nacion reported on Wednesday.
Latin America "is in an untold situation with positive flows, surplus of the current account and the reserves increasing from 160 billion to 400 billion U.S. dollars in the past four years. Soit has bigger capability to tackle this crisis", Moreno was quoted by La Nacion in an interview as saying.
In this region "we had 31 crises during the last 25 years and no countries lost more than 10 points of the GDP", Moreno said.
He praised the economic management of the Chilean President Michelle Bachelet for gaining a fiscal surplus of 5 percent and having achieved a bigger saving.
In the other hand, Moreno criticized Argentina that "it should have saved more resources when their economic growth rate reached 9 percent to tackle the international financial crisis."
It is important to move forward the negotiations between Argentina and the Paris Club on Argentina's default in bonds in 2001, he added.
Source: Xinhua
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