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Weekly Report - 22 September 2011 (WR-11-38)
BRAZIL: BRICS to the rescue
As we went to press on 22 September Latin American currencies continued to dive, with Brazil’s Real hitting R$1.95/US$ at one stage, forcing the central bank to say it would intervene, selling dollars to buy Reais. Arguably it’s a perfect time to buy Reais. Guido Mantega, Brazil’s high-profile finance minister, suggested this week that the BRICS group of emerging economies (Brazil, Russia, India, China and South Africa) should purchase European debt in an effort to prop up the flailing Euro economies. It was slightly tongue-in-cheek, but Brazil is very serious in its demands for concerted global action against the Mantega-coined ‘global currency war’.
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- PERU: Militarisation of the Vrae – then and now
- TRACKING TRENDS
- BRAZIL: Rousseff’s UN debut
- BRAZIL: BRICS to the rescue
- ARGENTINA: Dollar to remain stable, at all cost?
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- CUBA: The históricos vs. the Damas
- REGION: Sino-Caribbean cooperation gathers pace
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- UN confirms Minustah’s withdrawal
- Quotes of the week