Wednesday, September 23, 2009

"an issue ....specific to climate change"

UNITED NATIONS, September 22 – During a press conference at United Nations Headquarters this morning, Bolivian President Evo Morales Ayma Of Bolivia declared that “capitalist lifestyles” were at the root of climate change problems, as he discussed key proposals to protect the environment and bring to justice those who contributed to pollution.

Evo Morales, says his country will push for the founding of an international "green" tribunal to punish nations, corporations and multinational companies that harm the environment.

"A climate change tribunal for the administration of justice must be created in order to discipline those who fail to recognize the error of their ways. This is why Copenhagen will be very interesting in terms of discussing such issues. This is an issue that is specific to climate change."

Morales' proposal is one of hundreds of contentious ideas still outstanding in the run-up to the December international climate change conference to be held in Copenhagen

In addition the global push to address man made changes to the weather-- Chinese President Hu Jintao and his Morales pledged on Monday to further develop the friendly cooperative relations between the two countries.

During his meeting with Morales, Hu said that thanks to the joint efforts of both sides, both countries have pushed forward bilateral relations in recent years, and cooperation in such fields as economy and trade, culture, education, science and technology and sports has produced fruitful results.

China attaches great importance to developing its friendly cooperative relations with Bolivia, and is ready to work with the Bolivian side to further develop relations between the two countries, he said.

The Chinese president put forth a four-point proposal on the further development of China-Bolivia relations.


Saturday, September 12, 2009

Bolivia Upgrades Bond Ratings As Economy Remains Stable

Fitch Ratings raised its grade on Bolivia by one notch as the country has seen its economy remain stable despite "political and social turbulence."

The South American country is split among geographic and ethnic lines, with President Evo Morales seen as a champion by poor and largely indigenous people. In Bolivia's wealthier low-lying eastern states, resident there have felt threatened by Morales' efforts to redistribute farmland and natural gas revenues.

"Although resurgent political pressures" ahead of December's election "could combine with the deteriorating economic environment to result in renewed civil unrest, this is not expected to derail macroeconomic stability," said Fitch analyst Casey Reckman. The approval of a new constitution in January eased some tensions, Fitch noted, while "increased discretionary public spending and conditional cash transfers may continue to mitigate social pressures arising from economic deceleration and declining remittances."

Fitch noted Bolivia has been able to navigate slumping commodity prices and exports while "limited foreign participation in Bolivia's banking system as well as the absence of toxic assets or sizable international funding has shielded the country from fallout from the global crisis through direct financial channels."

Despite increased spending by the Morales administration, Bolivia's government has continued to run surpluses.

Fitch now has Bolivia rated at B, five steps into junk territory. The ratings outlook in stable.