Brazil hosts meeting to discuss financial crisis

Mon Oct 27, 2008 10:56am EDT
BRASILIA, Oct 27 (Reuters) - Finance ministers and central bank chiefs from Latin America gathered in Brazil's capital on Monday to discuss the financial crisis, which is threatening to severely slow growth in the region's economies.
Brazil confirmed the presence of Foreign Minister Celso Amorim, Finance Minister Guido Mantega and Central Bank President Henrique Meirelles at the extraordinary meeting of top officials from members of the Mercosur trade bloc and associated countries.
Foreign and finance ministers from Argentina, Chile and Venezuela are also due to attend, as well as Uruguay's finance minister. Central bank presidents from Argentina, Chile, Ecuador and Venezuela will also be present.
A news conference was scheduled for 5:30 p.m. (1930 GMT)
Emerging markets have suffered in recent weeks as fears of a global recession drove investors out of riskier emerging market assets.
The International Monetary Fund is hurrying to approve by early November a package that would let certain emerging market economies exchange local currencies for U.S. dollars to ease short-term credit strains, officials familiar with the plans said last week.
The plan was being driven by Latin American directors on the IMF board, who have long pressed for new lending programs designed specifically for the needs of emerging economies. (Reporting by Ana Nicolaci da Costa; editing by Mohammad Zargham)