Author: Juan Martinez
Argentina has taken a bold step towards dollarizing its economy, as confirmed by Economy Minister Luis Caputo. In an interview, Caputo outlined the government’s plan for “currency competition” to increase dollar usage over the peso, ultimately leading to dollarization. Positive indicators, such as slowing inflation, support this strategy. The government is fully prepared for this transition, with a monetary base only at 2.5 percent of the GDP. While monetization can still occur in both pesos and dollars, the focus will be on increasing dollar usage. This move aims to expand monetary aggregates and lift foreign exchange restrictions. Caputo emphasized the…
Colombia’s economy grew by a modest 0.7% in the first quarter of 2024, falling short of market expectations. Private investment, a key driver of growth, saw a decline of 13.4% following a 25% decrease in 2023. However, sectors like public administration, defense, and agriculture made significant contributions to economic growth. Despite challenges such as the impact of Cyclone Yaku and a decrease in internal demand, the Central Bank of Colombia remains optimistic about a 3% growth projection for the year. Factors such as higher copper prices and improved indicators in April suggest potential for growth. Inflation remains a concern, but…
Venezuela has proposed the creation of a sanctions-free economic zone to promote transactional freedom and counteract the crippling impact of sanctions imposed by other nations. Ambassador Samuel Moncada announced this initiative during a meeting in the capital city, expressing hope that over 50 countries will sign the agreement. The proposed economic zone aims to allow countries to conduct legitimate business without facing the negative effects of sanctions, particularly those from the United States. Venezuela has faced over 900 sanctions since 2015, resulting in a significant reduction in revenue and losses exceeding $232 billion in the past decade. With this proposal,…
Venezuela’s oil production has surged to 878,000 barrels per day in April, marking the highest level in over a year. Despite ongoing challenges, the country continues to see a steady rise in production, as reported by OPEC. Crude oil prices in Venezuela also saw a significant increase, reaching $74.91 per barrel in April. This upward trend in prices has been consistent since December, offering a positive outlook for the country’s economy. President Nicolás Maduro aims to further boost oil production to one million barrels per day by the end of 2024 through enhanced production agreements with international investors. The recent…
Mexican President Andrés Manuel López Obrador (AMLO) recently declared a remarkable 50% reduction in the flow of migrants heading to the United States. This positive development comes after a crisis in December 2023, where a staggering 12,000 migrants attempted to cross the northern border daily. The current statistics show a notable decrease, with an average of 6,000 migrants per day now seeking entry into the United States. This drop in migration flow was largely achieved through collaborative efforts between Mexico and the United States, along with Mexico’s implementation of social programs in Central American and Caribbean nations. Programs like “Sembrando…
As the presidential elections in Venezuela approach on July 28, the European Union (EU) has taken a significant step by relaxing sanctions against key Venezuelan officials. This decision signals a shift in the strained relations due to human rights concerns under President Nicolás Maduro’s regime. The EU’s decision to remove sanctions against officials such as Elvis Amoroso, in response to Venezuela’s invitation for an electoral observation mission, indicates a cautious optimism about Venezuela’s electoral integrity. The EU has historically focused on targeted sanctions rather than broad economic sanctions, with the recent move reflecting a commitment to democracy in Venezuela. This…
In Ecuador, the absence of an official photograph signifies the strained relationship between President Daniel Noboa and Vice President Verónica Abad. This discord highlights a growing political crisis, with historical implications for vice presidents’ roles in the nation. The political landscape shifted dramatically in 2023, leading to the election of Noboa and Abad as President and Vice President, respectively, amid chaos and lack of party support. The ideological clash between Noboa’s center-left views and Abad’s right-wing stance quickly caused a rift, with Noboa sending Abad on a diplomatic mission to Israel. As election season approaches, tensions rise as Abad accuses…
A tense diplomatic feud has erupted between Colombian President Gustavo Petro and Israeli Prime Minister Benjamin Netanyahu, with each publicly criticizing the other. Petro deflected accusations of supporting Hamas and condemned Israel’s military operations in Gaza as genocidal, prompting Netanyahu to label him an “antisemitic supporter of Hamas.” In retaliation, Petro called for an arrest warrant from the International Criminal Court against Netanyahu for alleged war crimes, citing civilian casualties in Gaza. The Colombian Foreign Ministry has stood behind Petro, rejecting Netanyahu’s claims and emphasizing Colombia’s commitment to peace and international cooperation. This dispute exposes a broader conflict over the…
Western Union has resumed its remittance service to Cuba, providing a vital economic lifeline for many families on the island. The service, previously halted due to technical issues, reconnects Cuban residents with their relatives in the USA. Rodrigo Garcia, the president of North America and Latin America at Western Union, emphasized the significance of this link in fostering vital connections and expressed satisfaction in restoring the service. With the absence of Western Union’s reliable channel, Cubans had to resort to more expensive and less secure alternatives to receive money from abroad. The disruption highlighted the vulnerability of the Caribbean island…