The crash of Wall Street this week caused the rejection of the House of Representatives to the financial rescue plan of the government of that country, while the political figure of British premier Gordon Brown came out as an authentic hero for his role in looking solution for his country and, maybe, for the actual global “financial Tsunami.”
If someone has to thanks the global financial crisis for any sort of benefit, it is Brown, a leader who had some weeks ago a very low popularity. The crisis gave him the opportunity to show his skill as economist, praised already by Paul Krugman, the new Nobel Prize. Unlike the Bush proposal, refused by the Congress, Gordon´s was welcome by the European Community and last Tuesday by USA itself of capitalizing the banks in crisis. The success of his proposal was not even reach by the protagonism of a 10 years goverment of Blair.
The Colombian markets did not receive the impact of the financial crisis in a strong way as in other latitudes of the planet. However, Óscar Iván Zuluaga, Ministry of Finances, said that the crisis will rise the national unemployment, reduction in exportations and a crush in the prices of oil, coffee and coil. The USD 24,000 million international reserve of Colombia will be preserved, said the Ministry to Portafolio.com.co.
BVC closed last week with negative variations of 8.68% in its general indicator to reach 7.502,73. Ecopetrol registered a descense of 8.95% in its price, Suraminv went down 9.66% and PFBColom in 9.05%. BVC registered a descend of 10.67%, Grupo Aval in 10.64% and Fabricato in 10.08%. The financial global panic caused that the Colombian stock lost 18.48% to be the fourth most important crush of its history. The last one was on 9th of June 2006 (fall in 10.46%).