Remittances to Latin American countries on the decline

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Wednesday, March 18, 2009

Remittances to Latin American countries on the decline

Many Latin American countries depend on remittances from migrant workers who leave their home countries for financial opportunities across the globe. But according to a study done by the Inter-American Development Bank, in this global recession a lot of migrants aren’t able to send as much money as they used to. Joining The Takeaway is Efrain Jimenez, a 34-year-old auto mechanic in the San Fernando Valley in California who moved to the U.S. from Mexico. He’s been able to send his parents as much money as he used to because of the slowdown in business at his shop. Also joining the show is Robert Meins a remittance specialist for the Inter-American Development Bank who does research on the amount of remittances sent across the globe and its economic effect.

"Fundamentally, migration is the result of a developmental imbalance. So the fact that it is very difficult for people to find jobs in Latin America is one of the things that most drives migration."
— Remittance specialist Robert Meins on immigrant workers in the U.S.

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For a closer look at the map, click here and here.

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See reactions from Rep. Barney Frank and Sen. Chuck Grassley in this clip from Countdown with Keith Olbermann:

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Watch this clip from Russia Today to see Medvedev's statement on expansion.

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For more, read Eric Schmitt's and David Sanger's article, U.S. Weighs Taliban Strike Into Pakistan, in today's New York Times.

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For another look at the importance of the number 8, watch the classic Schoolhouse Rock song "Figure Eight."

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