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Tag-Archive for "global credit crunch"

Costa Rica’s Unemployment Ruse Jun 17

san-jose-costa-ricaAccording to the latest numbers, 15,000 people lost their jobs in Costa Rica during the month of December 2008 . Business closings and reduced revenue due to lower international consumer spending are the main reasons. Simply listen to the latest newscast and you will hear about worldwide job loss and rising unemployment in the economic superpowers. Costa Rica depends mostly on tourism for its revenue but it has reached out in the past to attract manufacturers to augment that revenue. But that is not even a good hedge bet today, Sylvania announced it will be closing its plant in Pavas, leaving another 200 josefinos unemployed.

Unfortunately, business closings will not stop with the Sylvania plant. Leading economists are predicting the cliche “things are expected to get worse before they get better.”  Many in the international banking business say the economic downturn will last more than two years. Last year, Costa Rica’s unemployment level was near 5% and in 2009 is expected to rise to 6%.

In an thinly veiled attempt to reduce the economic downturn effects on job loss, UCCAEP, Costa Rica’s union of private businesses said it will be presenting a bill to congress called the “Law of Employment Protection in Moments of Crisis”. Their proposed law would present temporary changes to the more…

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Central American Leaders solve Global Credit Crunch! Jun 13

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The latest news out of San Jose, Costa Rica says “Central American leaders” are calling for a joint credit fund and single currency throughout the region. Who these purported leaders are has yet to revealed. These “leaders” claim this idea has been a product of the world financial crash with the aim of maintaining some kind of fiscal stability in Central America.

There are fears that the current crisis will prevent foreign investment in Costa Rican and other Central American economies which will further worsen the problem. In an effort to combat this problem, a 41 point economic blueprint has been put together and signed by leaders and representatives in all Central American countries. What is not clear is how a single currency could increase foreign investment during a global credit crunch. But these are shrewd “leaders” who know how to manipulate foreign governments for grants, donations, loans so they might have a trick up their sleeves. more…

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