Telefónica de España has annouced that it will invest U$D 701.3m (about 2b Argentine pesos) to extend and upgrade its infrastructure in Argentina, tempted by prospects of 7% growth for the next year, while Brazil has renewed and expiring $14bn accord with the IMF.

These are somewhat significant news, as there have been some strong words crossed between privatized utilities and the government in Argentina, and serious criticism from supporters of Brazil's government regarding dealings with the IMF.