Latin America can cope with economic crisis

Economists and financial authorities in Latin America have insisted that the area can withstand global economic problems.

Leading figures in the region's financial sector met this week to discuss how it is likely to be affected by the worldwide crisis, reports Reuters.

This included representatives of the Brazilian central bank and monetary officials from Argentina.

Martin Redrado, head of the Argentinean central bank, commented: "I think there's a spirit of collaboration and commitment to monetary and financial stability."

The current problems in the financial markets are having a number of effects on economies across the world.

For example, Latin America is faced with falling demand for its natural commodities - one of its biggest and most lucrative sources of revenue.

This comes after governments across the world, including those in the UK and the US, injected public funds into the faltering banking sector.