Latin America urges U.S. to tackle crisis

Latin American finance ministers urged the United States to act quickly to combat the swirling financial crisis that could reverse broad economic gains made across the region in recent years. Meeting with counterparts at an annual World Bank and IMF meeting this weekend in Washington, ministers asked wealthy nations to coordinate "orderly" efforts to restore market confidence and "save the world economy from a deep recession" that could slash jobs, income and growth, Finance Minister Oscar Ivan Zuluaga of Colombia said. Still, Latin America does not expect local banks to fail, as tighter lending restrictions and increased reserves have increased solvency, Zuluaga said. Many countries have also boosted foreign currency reserves and paid down foreign debts in recent years, positioning them to combat the spreading crisis with... [read full story]