MiPYMES is a magazine, edited by the Inter-American Entrepreneurial Federation (FIE), which analyzes the themes that are important for economic and social development of Latin American countries.

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Ecuador
ECUADOR WITH HIGH RISK
Ecuador is one of the countries with highest risk in Latin America, with 824 points on March, 4th. Venezuela has 895, Argentina 722, Brazil 185, Colombia 186, Panama 177, Peru 157 and Mexico 132. This high risk deters credit and investment and makes them more expensive. La Hora

INVESTMENTS TO THINK
Within the public investments in the 2010 budget, appear (in million dollars) :child development (131), Zamora Gobernación building, Maritime security investigation (30), government for results (40), owner society development (45). MF

INCOMES FOR GUAYAQUIL
According to the Ecuadorean Minister of Finance, in 2010, Guayaquil will receive 175 million dollars: 100,8 million dollars as far as the “Ley 15%” is concerned, 16,6 million dollars through the Fodesec, 1,8 million dollars as a Province capital city, 29,8 for the compensations ICE (ECAPAG) and 26,2 million dollars out of voluntary donations. MF

World
RELATIONSHIPS BETWEEN BRAZIL AND GERMANY
The German Minister of Foreign Affairs visited Brazil in order to deal with issues linked to economics, commerce, sciences and technology, foreign organisms reform, nuclear disarmament etc., in the context of the Strategic Alliance between both countries. In Brazil, there are more than 1200 German companies. Agencias

THE UNITED STATES WIDEN UNEMPLOYMENT COMPENSATION
The legislation aimed to extend unemployment compensation for people out of job during more than half a year came to overcome a crucial difficulty, what makes for sure its approbation by the Senate. This measure will add 132 thousand million dollars to the deficit would reach 1,6 billion dollars in 2010.
AP

EUROPE AND THE CONCLUSIONS OF THE CRISIS
According to a Marek Belka's analysis, the main conclusions the European Union countries can draw from the crisis are: 1) Good policies and solid institutions are important, 2) Public finances have to strengthen in prosperity times, 3) capitals inflows are good for economic growth, but they don't worth all the same, 4) the sales of national banks to foreigners occurred to be a good idea, 5) the self-regulation in this sector has some limits, 6) it is necessary to adopt a pragmatic approach.
FMI

Ecuador
THE TREASURY IN A HURRY
Because of the lack of liquidity of the Treasury, the transfer for the payment of wages to some public administrations occurred during the first days of March. Until March 10th, some institutions haven't received yet the funds, facts that can be deduced from fiscal information.

ONLY 30% OF THE OIL IN THE BUDGET
Between January and February 2010, oil incomes represented $450 million in the budget, around 30% of total incomes for oil and derived exportations. The difference is vanishing in Petroecuador's costs, importations and subsidies. BC.MF.

HOSPITALS AND SCHOOLS HARDLY SUBSIST
Between January and February 2010, only $5 million were delivered to the educative sector goods and services, including thousands of schools and high schools. The Health sector, with a huge amount of hospitals and health centers, received $10 million.

INVESTMENT WITHOUT RESOURCES
Between January and February 2010, the capital and investment expenditure inside the budget was $261 million, only 3,9% of the annual assignment.

World
GREECE, ADDITIONAL MEASURES FOR THE CRISIS
This country is facing a second general strike to protest against additional measures to reduce the deficit: public wages and pensions freezing cut in salaries, reduction of the public administration, closing of state organisms. ABC

BRAZIL CAN GROW MORE THAN 5.7%
According to the Ministry of Housing, in 2010 Brazil could experience a good-quality growth upon 5.7%, based on investment and industry. EFE

LATIN AMERICA: LOWER COMMERCIAL SURPLUS WITH THE UNITED STATES
According to the United States Commerce Department, in January 2010, the Latin America commercial surplus with the United States decreased by 8,45% and came to $4.586 million. Colombia's surplus fell from $202 million in December 2009 to $170 million in January 2010. Venezuela's one dropped from $2.149 million in December to $1.600 million in January.

Ecuador
SOLCA WITHOUT RESOURCES
This institution claims more resources to the Government, due to the increase of the services granted in hospitals, building works to be concluded, lack of equipment and staff.

FOUR BANKS ARE WINDED UP
Four banks which had been transferred to the AGD (Deposits Guarantee Agency) have been winded up. They are: Azuay, Solbanco, Banunion y Finagro. Their goods were transferred to the Central Bank. Registro Oficial 145.

REMITTANCES
During the fourth trimester 2009, the main beneficial cities from migrants' remittances are: Guayaquil with $182 million, Quito with $150,6 million and Cuenca with $90 million. Central Bank

STATE IS OWING 40% OF PENSIONS TO THE IESS
During January and February 2010, has not been transferred a value that represents 40% of pensions that had to be delivered to the IESS through the State Budget. This debt also accumulated in 2009. Ministry of Finance

World
BRAZIL WITH A CROP RECORD
Brazil can achieved the main grain crop in its history with 145 tons and a 47,9 million hectares planted area. Soy and corn are the main products.

URUGUAY AND GERMANY SIGN AN AGREEMENT FOR TAXES
Uruguay and Germany signed an agreement to avoid a double taxation in their bilateral trade. Similar agreements were signed with Mexico, Spain and Portugal. This is a step for the OECD to exclude it from the “grey list” of tax havens. The associated press.

ARGENTINA IN TROUBLE WITH PUBLIC EXPENDITURE AND DEBT
A higher debt and a public expenditure growth above the incomes are the root of the bidding for the use of the monetary reserves. In 2010, Argentina has to cover interest payments and repayments for $10.000 million. The country has no other financing options, a restructuring proposal of $20.000 unpaid treasury bonds is being considered.

Ecuador

Refinery study
The Government signed a contract with the South Korean firm SK&EC to finance the basic engineering stage for the start-up of the Pacific Refinery. The amount of the contract reaches $259,9 million, of which a down-payment of 10% was settled, that's to say $26 million.

Remittances are falling
In 2009, the migrant's remittances inflow was $2.495,4 million, a 11,6% fall in comparison with the $2.821,6 million in 2008. Spain in the first origin country of the remittances, with 42%, or $312 million in the last trimester of 2009.

Public expenditure
In October of 2009, the non-financial public expenditure reached $15.531 million, or 30% of the GDP, excluded the expenses in fuel subsidies, surrounding $2.000 million. It is expected that by the end of 2009, the expenditure exceed $20.000 million.

Private External Debt is reducing

In January 2010, the private external debt reached $5.677 million, $284 million less than it was on the December 31th of 2009. In comparison with late 2006, it decreased by $1.207 million.

World

Spain: increase of the VAT to pay for unemployment
From July, Spain will increase the VAT from 16% to 18%, return that will allow it to pay for the unemployment compensations of 500 thousand people. The tax pressure is 30% of the GDP, below of the European Union overall, which is 38% of the GDP. La Vanguardia

Brazil attractive to investors
Brazil is the country most valued by Spanish firms to invest, on account of its juridical security and natural wealth. Argentina and Venezuela are regarded as high risk countries. To invest, Chile, Mexico, Colombia, Peru, Dominican Republic and Panama also stand out.

China guarantees United States Treasury bonds
China has renewed its compromise with the United States Treasury bonds market, and possesses a 2.4 billion dollars reserve. Is considering the possibility of transferring part of its resources to China Investment Corp., its sovereign fund.