• USA: DOLLARISATION OF LATIN AMERICAN COUNTRIES MEETING

    Eng/Spanish/Nat A U-S Senate committee has met to discuss the proposed dollarization of Latin American countries. The meeting was attended by economists and analysts from throughout Latin America. Some U-S senators believe dollarization is the necessary measure to provide financial stability to Latin America, but are concerned about the future role of the Federal Reserve should the plan go ahead. The U-S Senate Banking Subcommittees on Economic Policy and International Trade and Finance met on Capitol Hill to discuss the proposed dollarization of Latin American economies. Many Latin American countries are increasingly pushing for a formal dollarization of their economies in order to achieve more stability and economic growth. Some of these nations already have an infor...

    published: 21 Jul 2015
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    published: 09 Aug 2013
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USA: DOLLARISATION OF LATIN AMERICAN COUNTRIES MEETING

USA: DOLLARISATION OF LATIN AMERICAN COUNTRIES MEETING

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  • Duration: 2:15
  • Updated: 21 Jul 2015
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Eng/Spanish/Nat A U-S Senate committee has met to discuss the proposed dollarization of Latin American countries. The meeting was attended by economists and analysts from throughout Latin America. Some U-S senators believe dollarization is the necessary measure to provide financial stability to Latin America, but are concerned about the future role of the Federal Reserve should the plan go ahead. The U-S Senate Banking Subcommittees on Economic Policy and International Trade and Finance met on Capitol Hill to discuss the proposed dollarization of Latin American economies. Many Latin American countries are increasingly pushing for a formal dollarization of their economies in order to achieve more stability and economic growth. Some of these nations already have an informal dollar economy which uses the U-S currency for daily transactions and it has become the currency of choice. Official dollarization means a country would eliminate its own currency and adopt the U-S dollar as its legal tender. According to U-S Senate figures, deposits in foreign currency reach 44 percent in Argentina, 82 percent in Bolivia, and 76 percent in Uruguay. SOUNDBITE: (English) "Dollarization is a viable approach for many developing countries. The U-S should actively support this development by number one, committing to keep the value of the dollar stable; number two, supplying technical support to interested countries; number three, quickly assessing the feasibility of seniorage-sharing arrangements; and then number four, either offering seniorage sharing or allowing countries to dollarize unilaterally." SUPER CAPTION: David Malpass, Economic Research for Latin America Proponents of dollarization believe Latin American nations would enjoy long-term price stability, and have credibility with international financial markets. So far Argentina, El Salvador, and recently Mexico are considering adopting the U-S dollar. The U-S in turn, supporters say, would benefit from other stable markets to which goods can be exported, and from a decreased need to bail out foreign economies in turmoil. SOUNDBITE: (Spanish) "Dollarization is a good idea because obviously it reduces fluctuations between the type of exchange rate and then benefits countries. But my problem is that there are a series of preconditions to achieve this. One of them is that the banking system has to be a stable financial system, because what's been happening in Latin America the last few years is that from the investors' point of view, the highest risk is that of default, the nonpayment risk. When investors at the end of the day look at their accounts and say: will this country be able to pay me or not, it doesn't matter whether that country is dollarized or not. What instead has to do with payment ability are the domestic policies undertaken, access to international markets, and the ability to adjust fiscal accounts quickly enough to generate resources." SUPER CAPTION: Liliana Rojas-Suarez, Economist SOUNDBITE: (Spanish) "(Dollarization) would represent a security to all financial assets and liabilities of the people of that nation, that is the people with pensions. They can be sure that in the long run the value of their pensions will be maintained. On the other hand, you have the great advantage that interest rates would be lowered, people could buy more homes, more durable goods, businesses would become more competitive, and there would be longer terms for loans." SUPER CAPTION: Manuel Hinds, Former El Salvador Finance Minister Opponents of dollarization claim Latin American nations need deep reforms in their banking, financial and even judicial systems to engage in a quick fix by dollarizing. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/3dd7c6d941d6f706fc63d509f4236bc9 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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A Day In the Sky,.. - ( news  full video )

A Day In the Sky,.. - ( news full video )

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  • Duration: 8:38
  • Updated: 09 Aug 2013
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Spread the word about PropellerAds and earn money! https://goo.gl/7E5sxJ YouTube Tips and Triks to make real dollers: http://mymoney7725.blogspot.ae/ The Best Portable Bluetooth Speaker ( Power Speakers ): http://speakermarket.blogspot.ae/ Are You loosing money from Stock market? Read How to make Profit : http://mytrade7725.blogspot.ae/
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