Rio de Janeiro, Brazil - 29 September 2008
1. Pan of exterior of the Brazilian Academy of Literature building
2. Brazilian President Luiz Inacio Lula da Silva arriving at event
3. Cutaway of cameras
4. Wide of Lula at event
5. Mid of people in audience
6. SOUNDBITE (Portuguese) Luiz Inacio Lula da Silva, Brazilian President:
"Emerging nations, poor nations who have done everything to have a good fiscal policy and to keep their economies stable, should not be paying for the price for the American economy's casino-like policies. It is not fair to have countries in Latin America, Africa or Asia pay for the irresponsibility of certain sectors of the American financial system."
FILE : Sao Paulo, Brazil - Recent
7. Various exteriors of Bovespa, Brazil's stock exchange
8. Various of traders monitoring markets inside
Buenos Aires, Argentina - 29 September 2008
9. Wide of Obelisco monument in central Buenos Aires
10. Various of the Buenos Aires stock exchange trading floor
11. Various of electronic display boards showing stock prices
13. SOUNDBITE (Spanish) Hugo Issa, Stock trader:
" Despite having better defences than in previous occasions, we have fiscal surplus, commercial surplus, surely with reserves at the Central Bank of a certain size, we are in a better position, yes, but despite all of that, the effect is sooner or later going to arrive, end of this year, beginning of the next, we will have it ( the crisis) at the threshold of our economy."
14. Various of traders at the stock market watching the US congress resolution on television
Mexico City, Mexico - 29 September 2008
15. Wide press conference with Mexican billionaire Carlos Slim
16. SOUNDBITE: (Spanish) Carlos Slim, Mexican business magnate:
"Where there is no doubt is that this is a moment of financial crisis unlike any I have ever seen. It's magnitude is such that we have the tools to allaviate it, but not to reduce it. This isn't a market panic that's generating a financial crisis, it's a financial crisis that's generating a panic in the market."
17. Wide exterior of Mexican stock exchange
18. Wide interior of stock exchange
19. Various of electronic boards with index readouts
20. Medium same
21. Wide of exchange floor
Latin American stocks plunged on Monday as the US House of Representatives rejected a 700 (b) billion US dollars bailout package meant to reboot the financial markets.
Ibovespa stock index in Brazil led losses, tanking 13.8 percent in afternoon trading.
Brazilian President Luis Inacio Lula da Silva who earlier in the day had been confident that the contagion of the financial crisis would be small, reacted angrily to the plunge at the stock market.
"Emerging nations, poor nations who have done everything to have a good fiscal policy and to keep their economies stable, should not be paying for the price for the American economy's casino-like policies, " he said.
Trading was automatically halted for 30 minutes after the index crossed the 10 percent loss threshold, but stocks fell further to 43,766 once selling resumed with less than two hours to go before the market's daily close.
Brazil's currency, the real, fell 6.4 percent against the US dollar.
In Argentina the Merval index meanwhile dropped 8.8 percent to 1,513 in midday trading,
Analysts are confident that the necessary steps have been taken by Argentina to avoid the worst though some of them acknowledged that the effect would be felt "sooner or later".
"At the end of this year, beginning of the next, we will have it ( the crisis) at the door of our economy," said Hugo Issa, a stock trader at the Buenos Aires stock market.
Mexico's Bolsa index meanwhile slipped 6.2 percent to 24,008.
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