|
Brazil together with other Latin American countries plan to propose at the coming G-20 summit in Pittsburgh that reforms of the IMF and the World Bank, where they expect to have a larger representation, move much faster.
"What we are most interested in is the consolidation of the reforms at the IMF and the World Bank, which are the control instruments of the global financial system," said Brazil's Foreign Affairs minister Celso Amorim during a meeting with foreign correspondents in Rio de Janeiro in Southeast Brazil.
As with Brazil, the priority of Mexico in Pittsburgh will be "to increase the participation and voice of developing countries in the decision making processes and in the establishment of international norms," according to the message sent to Congress requesting authorization for President Felipe Calderon to travel overseas.
The main Mexican interest is "promoting the strengthening of emerging economies participation in the international financial institutions" such as the IMF and the World Bank states the presidential message.
Amorim said that "democratization" of multilateral organizations is one of the main claims of all emerging economies and particularly from the Latin American representatives in the G-20, Brazil, Mexico and Argentina, which have been coordinating positions.
It was precisely in one of these coordination meetings that emerging countries decided to demand the advance of the reform process, at least at the IMF, anticipating it from 2013 to 2011.
In a meeting of the so called BRIC members (Brazil, Russia, India and China) earlier in the month held in London, the main emerging countries also decided the participation percentage they aspire to hold at the IMF.
"Currently 60% of votes in the IMF belong to the developed countries and 40% to the developing countries. The aim we defined is that developed countries transfer to emerging economies seven percentage points, so we can hold 47%," said Brazilian Finance minister Guido Mantega.
He added that since the creation of the IMF in the 1940s, many European countries have ceased to have decisive importance in the global economy and that power should be transferred to developing countries to democratize multilateral institutions.
Brazil's position is supported by Argentina that in the recent Economy ministers' summit in London argued strongly for a "greater voice" in the IMF for developing countries, and a growing representation.
For this purpose developing countries will increase their contributions to the IMF. In Pittsburgh, Brazil will subscribe the promised 10 billion US dollars transfer agreement in exchange for IMF bonds.
Mantega also anticipated that Brazil will present at the G-20 summit a proposal for the regulation of the international financial system, since some banks have again began with speculative operations similar to those which contributed to last year's crisis.
"This demands an immediate regulation. We can't relax and allow a return to the previous situation. What financial markets are asking for is that we impose on them clear rules," insisted Mantega.
Mexico will also sponsor a greater capitalization of the Inter American Development Bank and promote the creation of a Green Fund in support of efforts to mitigate and help adapt to climate change in developing countries.
Argentina wants stronger action against the so-called fiscal havens, which was addressed earlier in the month in London where it was agreed to force these havens to supply more information, because beginning March 2010, if no advances have been reached, G-20 will start punishing those that do not cooperate.
Mercopress
 |
Subscribe to this comment's feed
The small, coastal town of Condé is located just a twenty minute's drive from João Pessoa, the capital of Paraíba. The Northeast of Brazil has historically been a place of encounter and mixing between peoples. For millenia groups of indigenous people fished, farmed, migrated and sometimes fought along this large, fertile area. 
The Brazilian diplo-MÁ-cia (bad diplomacy) carries on its accelerated course towards the non-acknowledgment of human rights, although sometimes it takes pleasure in saying that it does precisely the opposite. The visit of Iran's president, Mahmoud Ahmadinejad, is another example of a diplomatic omission that verges on hypocrisy. 
On July 4, 2006, representatives of Argentina, Brazil, Paraguay and Uruguay met in Caracas to sign the protocol for the entrance of Venezuela into the Southern Common Market (Mercosur). After two and a half years, the protocol was approved by the legislative bodies of Argentina and Uruguay, and as of now it may be only days away from being ratified by the continent's economic megalith, Brazil. 
Some sectors of the fight against AIDS have suggested that Thabo Mbeki, the former president of South Africa, committed genocide through his absence from the fight against the illness in his country throughout his two terms. 
One hundred and eleven years after Brazil abolished slavery, the number of workers deprived of their freedom is still huge. They raise cattle, produce charcoal, sugar cane or timber. Some of them, most undocumented Bolivians, work in basements of small apparel factories in São Paulo and other metropolis. 
On November 7, 2009 a few friends and I had an opportunity to take a look inside a Brazilian jail outside the city of Rio de Janeiro. We were able to take some amateur footage of our experience on video (see link below). It's no surprise, of course, that the typical Brazilian jail lacks some of the functionality of those in North America or Europe, but our experience that day was quite shocking. 
Depletion of the Amazon Rainforest is not a new concern facing environmentalists, biologists, ecologists, and a growing number of the Amazonian indigenous peoples. For decades they have feared for the fate of the world's most biologically diverse and species-rich hothouse. 
Geisy Arruda made history this week in Brazil, but for all the wrong reasons. What began as a poorly planned fashion statement has become a worldwide tale. Geisy decided to wear a pink mini-dress to her private college in São Paulo state, and after that, all hell broke loose. 
The push of vigilante groups in Rio de Janeiro's favelas (shantytowns) in the last three years is the most important and alarming information of the just-released study by the Rio de Janeiro University's Violence Research Center (Nupev-Uerj). 
A dispute over drug trafficking territory in Rio de Janeiro has intensified lately, leaving in its wake unprecedented acts of violence, such as the downing of a police helicopter in the northern zone of the city on October 17. Three policemen died and another two were injured. This event has drawn the attention of the international media, who are raising the issue of public security for the 2016 Olympics to be held in Rio.
Therefore yessss......the seeds are already planted for the next Big Crisis !
Lets germinate it and then grow until harvest.
The harvest will be some...countries bankruptcies just as in the 1970's and 1980's and 1990's !
I am not pointing my finger to any specific country...yet !
In 2-4 years some emerging nations will have their 2 knees down and will bend.
Results ?
Emerging nations currencies devaluations just as in the past since it is the ultimate answer to solve such problems.
But at a very big cost to their citizens.