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The United States is ruining all economies in the world “. The charge of Colombian President Gustavo Petro this Thursday, from Turbo in the northeast, is aimed in particular at the American Federal Reserve, the FED, which has raised its key rates five times. Money is becoming expensive, especially for less wealthy countries.
Colombia’s first leftist president doesn’t mince words. According to him, a global recession is looming. In March 2020, the rates of the FED, the American Federal Reserve, were between 0 and 0.25%. They are now at 3% or 3.25%.
Gustavo Petro believes that these very high rates attract capital from South American countries.
The United States makes decisions to protect itself, sometimes without thinking about what its measures will entail. The economy of Latin American nations is emptying.
« Our currencies are all falling, not just the Colombian peso “, continues the president.
This is the first time that a direct criticism has been addressed to the United States on this subject. The American ambassador to Colombia, Francisco Palmieri, kicks into touch.
I don’t think we have to think about where we should put the blame. We should focus on how we can, by working together, enhance and foster the development necessary for economic growth.
For the time being, the peso continues to fall, and the Colombian debt in dollars could soar with the rise in interest rates. The Colombian currency has depreciated by 16% against the dollar since the beginning of the year. A dollar is now worth 4,700 pesos, unheard of.
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