This is the amount that the Salvadoran Foundation for Social and Economic Development recommends getting in the contingency credit.
According to a report published yesterday by the foundation "we must urge the Central Reserve (BCR) to negotiate a contingency fund of $1 billion from the IMF, making use of the new line of credit that the Bank has opened.
The financial crisis will affect all Latin American countries, despite the fact that they are better position than in the past to withstand it, said Juan Jose Daboub, general director of the World Bank.
Daboub, ex minister of Economy for El Salvador, will be in Panama next week and in his country of origin, where he will participate in the Ibero-American Summit.
Four economists conclude that the market must fix itself in order to solve the financial crisis in the United States.
In the round table organized by the Academy of Central America, the economists Juan Muñoz, Eduardo Lizano, Isaac Castro, and Jorge Guardia shared their assessment of the causes and possible solutions for the crisis that began with the fall of property prices in the United States.
The Dow Jones industrial average opened 400 points higher and never looked back, led by big gains in financial stocks.
Last week’s stock sell-off gave way to a big rally, with the Dow Jones industrial average having its largest-ever point gain. The surge came as countries around the world took steps to ease the financial crisis, ushering in a drastic reshaping of the banking industry even as doubts lingered about its long-term effects.
The finantial crisis in USA will especially hurt Mexico and Central America, whose economies are closely tied to the U.S. market.
Don't be fooled by the universal sigh of relief that was heard Friday when the U.S. Congress approved a $700 billion package to rescue the U.S. banking system.
The measure will help avoid an economic collapse, but the U.S. economy will remain in the doldrums, and Latin America will be hit harder than many suspect.
The finantial crisis in USA will especially hurt Mexico and Central America, whose economies are closely tied to the U.S. market.
Don't be fooled by the universal sigh of relief that was heard Friday when the U.S. Congress approved a $700 billion package to rescue the U.S. banking system.
The measure will help avoid an economic collapse, but the U.S. economy will remain in the doldrums, and Latin America will be hit harder than many suspect.
The current financial crisis demonstrates how powerful and decisive the expectations of investors and the economic agents in general can be.
Expectations created a bubble in the prices of homes and properties in the US. By bubble I mean a price established mainly due to optimism (which can be irrational - even though there is experimental evidence that bubbles can be created when all the investors are rational - Vernon Smith).