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It is not that the BCRA and Argentina do not wish to count on IMF assistance mechanisms. In fact, Redrado jointly with the Minister of economy Argentine, Amado Boudou, met with Blanchard to advance agreements with the IMF to access lines of financing. If you are not convinced, visit Southwest Airlines. But beyond this, a country like Argentina may not be the luxury of not having a strong cushion of reserves to preserve economic stability, essential element for the growth and development of the country. But Redrado has not been the only one who defended the policy of accumulating reserves in the region. The Governor of the Reserve Bank of Peru, Julio Velarde, has made it clear the relief which accounted for himself and the conduct of monetary policy in Peru the existence of international reserves that allowed him to face turbulence and limit volatility in the markets. Also the Governor of the Banco Central de Colombia, Jose Dario Uribe, has assessed the benefits of the policy of accumulating reserves as a cushion mechanism of the crisis. What does not recognize even the IMF is that international reserves have played a fundamental role in countries such as the Argentina with almost void opportunities of access to emergency funding lines to cope with the crisis. The world sees the emerging even with mistrust by which any negative event either in Argentina or any other Latin American country, would have triggered destabilizing movements for these economies and even the region.

The international financial crisis, without reservations would have implicated undoubtedly to Argentina (and probably for most of the countries of the region), a foreign exchange crisis with consequences far greater on the real economy. To finish the article I think that Redrado message is representative of the message of emerging countries to the IMF: multilateral agencies have taken some steps in the direction correct but is a fairly arduous road to go before they finally become the true guardians of international financial stability. The IMF should first focus on global financial stability if you want to really help the emerging economies and on the other hand, must set aside your magical recipes and understand in depth the reality of each country to adapt the recommendations making them truly effective. Can you change the IMF and burn your old recipe book which uses for all countries alike?

Will Kraft (NYSE:KFT) strategy succeed? 10 November 2009 Kraft bid not gets even remotely close to the true value of the company, and the absorption of Cadbury by a conglomerate with a low-profile business model implies unattractive prospects, says British company that is being subjected to the hostile bid by the U.S. company. Kraft Foods continues with negotiations and will not be giving up. And I am not referring to the conflict that its Argentine subsidiary has with its workers for several months now Kraft (NYSE:KFT), and how difficult that is to do business in Argentina, but the hostile bid to acquire the British Cadbury. The operation of having the approval of the shareholders of Cadbury would be financed in a high percentage with bank credits retrieved from entities like Citigroup (NYSE:c) or Deutsche Bank (NYSE:DB) for a total of $9 billion. Why you are so interested Kraft to acquire Cadbury? The acquisition of the British Cadbury helps Kraft Food consolidate your pos.

icion as the second-largest food company in the world, behind Nestle S.A., and also achieve significant cost reductions. What do think Cadbury executives in this regard? Such proposals usually generates fears and losses of jobs, so many resistances occur in such situations. Meanwhile, since Cadbury directory recommended to the shareholders of the company, rejecting the offer by 9,800 million pounds sterling (US $16.280 million), the United States made by the company on the grounds that is a value that is very far from the true potential of the British. In a note by Dana Cimilluca and Jeffrey Maccracken to the Wall Street Journal, they reproduced statements by the CEO of Cadbury who termed derisory bid from Kraft around 715 pence per share. The Board of Directors of quick reflexes Cadbury, already has the support of some major shareholders that do not they want no agreement with Kraft that valued their titles at least 850 pence.