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Argentine Default To Hit Brazil Factories, Uruguay Resorts - Yahoo News

A Marcopolo spokesman declined to comment on what the default could mean for its outlook in Argentina. CEO Jose Rubens de la Rosa said on a June conference call that the lingering uncertainty in the country is "clearly" weighing on the company's performance. "It isn't the first time that this happens in Argentina," he said. "The government has asked us to be patient." BAD TIMING FOR BRAZIL Brazilian exports to Argentina have been shrinking over the past few years as the end of a global commodities boom weighed on Argentina's meager dollar reserves, prompting policymakers to impose capital controls and trade barriers. In a show of solidarity on Tuesday, Rousseff brushed aside Brazil's friendly rivalry with its biggest neighbor and sided with Argentine president Cristina Fernandez, browse saying that a few "speculators" are putting the "stability and the well-being" of entire nations at risk. Brazilian Finance Minister Guido Mantega reiterated that view on Thursday and sought to play down the potential effect of Argentina's default on Brazil, saying it was "nonexistent" for now. In a worst-case scenario, the Argentine default could cost Brazil as much as 0.5 percentage points of growth in 2014, said Robert Wood of the Economist Intelligence Unit. With the Brazilian economy expected to expand just 0.9 percent this year, every decimal point of economic growth matters, especially in an election year. Shoemakers are particularly pessimistic.

02:56:26 am . 01 Aug 2014
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