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A12 WORLD NEWS
Tuesday 27 November 2018

Latin America in flux as G20 leaders descend on the region

By LUIS ANDRES HENAO deal may be signed during
Associated Press the G-20 summit, though it
BUENOS AIRES, Argentina won't take effect until ap-
(AP) — Argentina had proval by the countries'
hoped to show off its newly legislatures.
market-friendly economy There's also uncertainty
to the world when the G-20 about the potential poli-
group of the world's top cies of Mexican President-
economies begins its first elect Andres Manuel Lopez
South American summit this Obrador, who will skip the
week. Instead it's looking summit because he's being
for help to avoid an all-out sworn in on Saturday.
crisis. The left-leaning leader has
The two-day meeting that tried to ease concerns
starts Friday is meant to among the business com-
focus on development, in- munity, but he upset many
frastructure and food se- when he recently can-
curity, but most of the talk celed a partly built, $13 bil-
on the sidelines is expected lion new airport on the out-
to center on trade disputes skirts of Mexico City. He has
between the U.S. and Chi- vowed, however, to avoid
na and the signing of the tax hikes and to adopt tight
new North American free budget austerity.
trade deal. In this Aug. 30, 2018 file photo, people walk past an exchange house in Buenos Aires, Argentina's Pedro Villagra
Argentina, a darling of Wall Argentina. Associated Press Delgado, the lead orga-
Street just a year ago, finds nizer for the G-20 acknowl-
itself hosting the summit stoked protests that are ex- will seize on this moment to ing Brazil itself." edged last week that it
while scrambling for inter- pected to re-ignite during confirm international sup- Monica de Bolle, senior fel- might not be possible to
national aid to fend off a the summit. port from other G-20 coun- low at the Peterson Insti- reach a consensus on a fi-
collapse. Still, President Mauricio tries" that are leading credi- tute for International Eco- nal statement.
"The original vision for Ar- Macri will want to show im- tors of the IMF, said Julio nomics, said Brazil will be "Everything might fall
gentina was to use the provements in international Burdman, a Buenos Aires- focused more on relations through if there is no agree-
G-20 to showcase that it relations during his three based political analyst and with the U.S. and less on ment on the trade issue," he
had transformed the econ- years in office after more pollster. regional integration with said. "It would be a shame
omy, and instead it wel- than a decade of protec- Macri is also expected to Mexico or the South Ameri- because there is a huge
comes world leaders to the tionist policies under the make a renewed push for can trade bloc Mercosur. amount of issues where we
economic wreckage. So, populist governments of Argentina's membership "I think that agenda is now do have an agreement."
the timing is inconvenient, President Cristina Fernan- into the Organization for out the window, at least it's While the U.S.-China trade
to say the least," said Ben- dez and her late husband Economic Cooperation dropped from the Brazilian conflict is far from being the
jamin Gedan, an Argenti- and predecessor, Nestor and Development. perspective," she said. only issue at the G-20, ana-
na expert at the Woodrow Kirchner. Meanwhile, neighboring For Mexico, there are ques- lysts said it is likely to cast a
Wilson International Center Even with the economy in Brazil and the other Latin tions about whether "there cloud over the summit.
for Scholars."Instead of a turmoil, Macri has resolved American member, Mexi- really is any interest in en- "The U.S.-China dynamic
showcase, the G-20 is an a longstanding legal dis- co, are both in political flux, gaging with the region or has poisoned all multilater-
opportunity to plead for in- pute with creditors that with one veering to further if the interest lies elsewhere al forums. There's basically
ternational support." gave Argentina renewed right and the other left. given that Brazil is going nothing you can do but
Argentina was forced to access to global credit Brazilian President Michel to have an antagonistic, you know hope for a mir-
obtain a record $56 billion markets for the first time a Temer will be replaced I think, administration with acle and even a miracle
credit line from the Interna- default in 2001-2002. He on Jan. 1 by rightist Jair respect to Mexico given looks modest," said Gedan
tional Monetary Fund re- has also improved relations Bolsonaro, who has often the ultra-conservative right- of the Wilson Center.
cently following a currency with the U.S. after years of expressed admiration for wing politics that Bolsonaro "What is unthinkable is any
crisis and spiraling inflation. animosity under his prede- Trump, criticized multilat- espouses." progress at the G-20 itself.
The peso has depreciated cessors, keeping friendly eralism and vowed to re- Mexico and Canada re- As I said recently on Twitter,
by more than half this year ties both with U.S. President negotiate or scrap trade cently reached agreement quoting an Argentine offi-
and consumer prices are Donald Trump and Chinese deals. Like Trump, he has with the Trump administra- cial I spoke to, they would
estimated to have risen by leader Xi Jinping. also been skeptical of Chi- tion on a revamped version be satisfied with a commu-
about 45 percent. Growing "Argentina is in a critical nese investment, saying of the North American Free nique that did nothing but
frustration over massive lay- moment when it comes to "the Chinese are not buy- Trade Agreement between compliment the weather in
offs and poverty has also international debt and it ing in Brazil. They are buy- the two nations, and the Buenos Aires."q

Venezuela holds onto prized US refineries amid legal battle

Associated Press ezuela on Friday began paying off targeted Citgo refineries, poten- That enables them to hold onto
CARACAS, Venezuela (AP) — Ven- $1.4 billion that a panel said was tially forcing Venezuela to sell off their refineries.Russ Dallen of
ezuela will hold onto its U.S.-based owed to the Canadian mining firm its most valuable foreign asset. Miami-based Caracas Capital
Citgo refineries, settling a lawsuit Crystallex, following a disputed Papers filed in a Canadian court Markets says the payment shows
that threw ownership of the strug- takeover of the company by the say Venezuela recently paid Crys- Venezuela's changing tactics —
gling country's prized assets into late-President Hugo Chavez. tallex $425 million, while agreeing from fighting creditors to striking
peril.Court papers show that Ven- To recoup its losses, Crystallex had to make good on the rest by 2021. deals.q