national city bank

Sources: FT: Brazil resolute on rate rises to calm inflation WSJ: Price of Success in Brazil: $15 Movies IMF: Watching Out for Overheating in Latin America CIA: World Fact Book, GDP Real Growth Rate Over the past few years, Brazil’s Gross Domestic Product (GDP) has steadily increased, going from 3.70% in 2006, to 5.10% in 2008, and reaching 7.50% in 2010, making Brazil’s economy one of the most stable, and the country itself one of the wealthiest in South America and the western hemisphere. However, this success has not come without a price, as Brazil’s cities have become some of the most expensive in the world. The Wall Street Journal reported that Brazilians pay the equivalent of $15 for a movie, which is more than New Yorkers pay. Likewise, the jump in the price of food, transportation, and land has resulted in the inability of millions of poor Brazilians to maintain their standard of living as their income remains unchanged but the price of items continue to rise. One reaso...

Sources: Guardian: Fix Banks to Avoid Eurozone Meltdown, IMF Warns IMF: IMF Calls for Strengthened Policy Response, Stronger Financial Integration to Bolster Europe’s Recovery WSJ: IMF Weighs Extending Greek Repayments Last week, the International Monetary Fund (IMF) published the latest Regional Economic Outlook for Europe. The IMF expects that economic growth in Europe will not be fast “but still solid and sustainable.” It estimates that economic growth for Europe will be 2.4 percent and 2.6 percent in 2011 and 2012, respectively. In the case of emerging market economies, they are expected to grow at 4.3 percent both in 2011 and 2012. However, the IMF also warns that sovereign debt problems in Greece, Ireland and Portugal could spread to “the core euro area, and then onwards to emerging Europe,” calling for comprehensive and strong policy actions to restore confidence and fix vulnerabilities in the financial sector and accelerate reform efforts. As banks in other countries in Europe ...