He said be careful with economic information. When I get a story wrong in the economic area, who suffering is the Brazilian people. Pepco will undoubtedly add to your understanding. It was consistent, because this time suffered foreign invasions. But what motivated Lula to deny just four days before what inevitably happened? It is that Lula did not agree to implement such a measure, but figures that showed the speed and force with which dollar was losing ground in the local (and international) economy ended convince him in those days. We had been discussing with President Lula the pros and cons, and finally, we managed to convince him of the need for this measure today afternoon, Mantega said on Monday passed, as well in the afternoon. Click Covia Kermit Plant for additional related pages. The valorization of the real in recent weeks and the strong growth of speculative capital inflows to the country, forced the Government to take a measure which retarded the appreciation of the local currency.
I do not think that we we will have a devaluation of the real, but I think we can avoid excessive valorization of the real, said Guido Mantega, Minister of Finance of Brazil. The objective is to discourage short-term capital, speculative capital. Our concern is that there is an excess of speculation, said Mantega. From June to August, swallow capital totaled $ 322 million, 73% more than in the previous three months, which was $186 million, as short-term capital. The real has appreciated by 26% against the dollar since. A clear fact that hinders exports and the local currency appreciates. If we allow the excessive appreciation of the real, the exporter will be harmed, and therefore also will be the Brazilian job, since 25% of domestic production is destined for export, and Brazil with an appreciated real, losing competitiveness in the international market. The Bovespa has been the market most has risen – in dollars – in the world, and according to Mantega, attracted to the well-intentioned and those who want to make a quick profit, the speculators.
EUROPA PRESS the ECB President replied to Rajoy, who conditioned the the ransom demand to obtain certain guarantees about the Spanish differential. The President of the Spanish Government authorization the rescue to the ECB intervention will help relax the risk premium up to 200 basis points. Draghi has said that it must be the country which decides if the ransom. The institution maintains the interest rates by 0.75%. The President of the European Central Bank (ECB), Mario Draghi, has sent Thursday a message to the Spanish Government to point out that the entity cannot offer any guarantee in advance on the effectiveness of its program of buying sovereign debt and that it must be the country that decide if you want to request or not the rescue. It cannot guarantee anything in advance. There is no quid pro quo automatic, Draghi told the remind you recent statements of the President of the Government Spanish, Mariano Rajoy, who conditioned a potential request for assistance to obtain guarantees that the ECB intervention will help to relax the risk premium on Spanish until the environment of 200 basic points. It is the country which should take steps to activate the mechanism, explained the Italian banker, to remind that, according to the intervention mechanism designed in debt (UNWTO) markets, it is necessary that the country requested the rescue and sign a memorandum of understanding, but he stressed that, although necessary, is not one sufficient condition, since it is the Governing Council of the ECB which will make the final decision.
In this regard, the ECB President said that the UNWTO are there and reiterated the readiness of the entity to activate the mechanism, which, in his view, has served to relax the conditions on markets and has helped facilitate that countries such as Spain and Italy have practically completed its financing needs, although he noted that it is not possible to activate the WTO without conditionality on Tuesday, the President the Spanish Government, he pointed out that one of the outstanding issues to clarify before you decide to ransom or not the that active intervention by the ECB is to know how much would this measure help reduce the costs of financing of Spain in the debt markets, pointing that it should help to relax the risk premium up environment of 200 basic points. There are several outstanding issues. How much will lower the risk premium, if stays in the 400 and peak and does not go down to 200 points. It is not the same, said Rajoy. If we stay at the same price that there are pointless, he stressed. See more: the ECB responds to Rajoy and does not warrant that its debt purchase program is effective
Foreign investment in Peru is treated and protected as local investment. Institutional and macroeconomic stability afforded by the Peruvian economy, is an asset of great value for investors who can thus, projected with clarity, the potential profitability of investments. With this enhanced security, the minimum return that produces the realization of these projects, is reduced considerably (given the lower risk premium required) and therefore increases the amount of projects that are realized. Not for nothing, the international rating of risk, consider the Peruvian economy as investment grade. The Peruvian Government, looking to have a permanent communication with investors and this is something very valued by them since it gives them security for their decisions. For the President of the National Chamber of Commerce of Peru, Peter Anders is: very successful this campaign, in It is giving to the country in the world and also their investments and projects that are in the portfolio. It seems to us very well, since the conditions are the same for both foreigners and Peruvians. There is no difference in the laws that are in the Peru.
Peru also performs public investment to generate an adequate infrastructure for investment. According to the estimates made by the Peruvian economy Minister, Luis Valdivieso, public investment will reach in the next two years the 43,000 million soles (which represents 13.857 million USD). All these factors explain why the economy of Peru can continue growing at a very good pace in moments in which a financial crisis of great magnitude is lowered on the world economy. And product of the economic growth that is reflected very slowly in a social improvement, one of the sectors that has greatly benefited and which has been growing at a very good pace in the Peruvian economy is the construction sector. Construction activity grew a 19.7% in the month of September in Peru.
This growth of the sector is driven by the growth of demand for works by the private sector reaching a significant role, the development of works related to the construction of shopping malls, condominiums and houses, in a context of access to credit for housing promoted by the State. The public sector also supports the sector through the realization of public works, which ensures stability of the activity. Alan Garcia has already committed to maintain and even increase the public work for the 2009 way to sustain the activity. With very good prospects for growth for the Peruvian economy, the sector of the construction in Peru, awaits an auspicious 2009. While the image of Alan Garcia among the population continues downhill because the achievements that shows the Macroeconomics of Peru are not reflected in the well-being of Peruvians, the country March in the right direction, so inevitably this is reflected in the reduction of poverty indicators and so the economic growth may pay the social debt that has.