October 29, 2011Portugal wants U.S. help in euro crisis: source
Portugal asked Mexico on Saturday to tell fellow G20 members next week that the United States should offer "financial help" to resolve the euro zone sovereign debt crisis, describing it as a "systemic and global" problem, a Portuguese government source said.
Portuguese Prime Minister Pedro Passos Coelho asked Mexican President Felipe Calderon to convey the message during the G20 meeting in Cannes next week, the source told reporters after the two leaders met at the Ibero-American summit in Paraguay.
"The crisis isn't in the euro zone. It is a systemic and global crisis and we hope that other big G20 countries intervene," the source told reporters in the capital Asuncion, speaking on condition of anonymity.
The source added that Washington should help resolve the crisis "by boosting trade and also with financial help."
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No one from Calderon's delegation in Asuncion could immediately be reached for comment.
Financial markets rallied strongly this week after European leaders hammered out a deal to recapitalize their banks, boost the firepower of a euro zone rescue fund, and impose hefty losses on holders of Greek debt.
However, economic analysts quickly warned that details of the rescue could still take weeks or even months to work out.
Portugal is suffering a deepening recession as it implements painful austerity measures under a 78-billion-euro ($110.3-billion) EU/IMF bailout.
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_The EU and Latin America_
The European Union and Latin America have enjoyed a Strategic Partnership since the first bi-regional Summit in Rio de Janeiro (Brazil) in 1999. They are natural allies linked by strong historical, cultural and economic ties. They co-operate closely at international level and maintain an intensive political dialogue at all levels - regional, sub regional (Central America, Andean Community and Mercosur) and also more and more at bilateral level.
EU policy priorities towards Latin America are defined in the recently adopted Communication "EU-Latin America: Global players in Partnership" 2009 [55 KB] that updates the Communication on a "Stronger Partnership between the European Union and Latin America" 2005 [454 KB] This represents, as Commissioner Ferrero-Waldner stated: "another visible and tangible step towards the strengthening of our already well established and flourishing relationship”. Issues such as macro economic and financial matters; environment, climate change and energy; science, research and technology; migration; and, finally, employment and social affairs figure prominently in bi-regional dialogues.
The regional strategy paper 2007-2013 [139 KB] defines the specific areas for regional development cooperation programmes. For the 2007-2013 period, EU assistance amounts to around € 3 billion, while for the same period the European Investment Bank is authorized to lend up to €2.8 billion.
The recently concluded Mid-Term Review of the Regional Strategy Paper [596 KB] confirms the priority sectors for cooperation with Latin America, describes newly evident challenges and identifies an innovative approach for complementing the existing activities. In this respect the Regional Indicative Programme 2011-2013 includes the creation of the Latin America Investment Facility.
The EU is the leading investor in the region and the second trading partner of Latin America.
A summit of EU, Latin America and the Caribbean (LAC) leaders takes place bi-annually, the last one was held in Madrid, Spain in May 2010.
On alternate years to the EU-LAC Summits, there are meetings at Ministerial level between the EU and the Rio Group. The last EU-Rio Group ministerial meeting took place in Prague in 2009.
