Monday Memo: Brazil Protests—Colombian Generals Investigation—Obama-Castro Meeting—Puerto Rico Debt—Chilean Mining
This week’s likely top stories: Brazilians demonstrate against corruption; Colombian generals investigated; Obama and Castro hold meeting; Puerto Rico seeks debt help; Chilean communities fight mining companies over water.
Hundreds of Thousands Protest Corruption in Brazil: Hundreds of thousands of Brazilians took to the streets on Sunday to protest government corruption. Estimates of participants vary, but police say almost 700,000 citizens protested, while organizers of the demonstrations claim the number was closer to 1.5 million people. The protests, which took place in Rio de Janeiro, São Paulo and across Brazil, were smaller than the ones that took place in mid-March 2015. Demonstrators then and now claim that President Dilma Rousseff was aware of the bribery taking place at Brazil's state oil company, Petrobras, during her tenure there, and yesterday, many called for the president's impeachment. Rousseff’s approval rating sank to just 13 percent following last month’s protests.
Colombian Generals Are Investigated for “False Positives”: The office of the Attorney General of Colombia announced on Sunday that approximately 22 army generals are being investigated for their suspected involvement in the “falsos positivos” (“false positives”) scandal during the term of former President Álvaro Uribe. The case involves thousands of civilians who were promised jobs and then murdered and dressed up as paramilitaries by the armed forces in order to up the military’s kill count. So far, 800 members of the military have been imprisoned and over 5,000 linked to the scheme. Attorney General Eduardo Montealegre Lynett stated that the investigation should conclude by the end of 2015.
Presidents Obama and Castro Meet at Summit of the Americas: At the seventh Summit of the Americas in Panama on Friday and Saturday, a showing of anti-U.S. sentiment by Argentine President Cristina Fernández de Kirchner and the Venezuelan and Bolivian delegations was overshadowed by a historic meeting between Presidents Barack Obama and Raúl Castro. The face-to-face meeting—which was the first between presidents of the U.S. and Cuba in over 50 years—was mostly symbolic, but demonstrated the two leaders' willingness to work together despite ideological differences. Latin American leaders praised the U.S. for renewing relations with Cuba, and experts are now analyzing how Obama can best leverage the renewed credibility. The leaders did not issue a joint declaration at the end of the summit, as a result of President Nicolás Maduro’s demand to include a denunciation of U.S. sanctions in Venezuela.
Puerto Rico Calls on Former IMF Officials to Help with Debt: Puerto Rico’s government and investors have asked former International Monetary Fund (IMF) officials for help in resolving the island's debt crisis. Puerto Rico has hired Anne Krueger, the IMF’s former first deputy managing director, as a consultant, and hedge funds that own Puerto Rican bonds have reportedly approached Claudio Loser, the former director of the IMF’s Western Hemisphere department. Puerto Rico has over $7 billion in debt, and last month, Fitch Ratings downgraded its debt to a “B” rating. On Wednesday, the Puerto Rico Electric Power Authority faces a debt payment deadline, but is currently negotiating with creditors about restructuring.
Chilean Citizens and Mining Company Continue Dispute: Citizens in Caimanes, a small community in the north of Chile, are locked in a dispute with mining company Antofagasta Minerals over water, a precious resource in the arid region. Citizens claim that the Los Pelambres copper mine’s tailings dam is contributing to water scarcity and that the mine’s activity is contaminating water in their community. Juan Olivares, one of the citizens that has criticized Antofagasta Minerals, said this weekend, “They say we are looking for an economic reward. That has never been the goal […] We want the law to be respected in Chile.” A recent court ruling ordered the company to demolish the dam, but the company will appeal the decision, and is also exploring further investment in the area.
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