IDB: Latin America can tackle global crisis
16/10/2008 16:03
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 yesterday.
Latin America "is in an
untold situation with positive flows, surplus of the current account and the
reserves increasing from 160 billion to US$400 billion in the past four years.
So it 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.
Xinhua
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