Week the Asia Pacific Economic. Earlier this week the Asia Pacific Economic cooperation summit set for mid november in santiago chile was cancelled amid what cooperation summit set for mid november in santiago chile was cancelled amid widespread protests in the nation due to its proposed increase in Public Transportation fares spread protest in the nation due to its proposed increase in Public Transportation fares and what demonstrators call economic inequality news of the cancellations what and what demonstrators call economic inequality news of the cancellation swept across the globe as it was anticipated that president s donald trump and whats up across the globe as it was anticipated that president s donald trump and she would sign phase one of the trade deal between the United States and china following these a 9 phase one of the trade deal between the United States and china following these. Reports officials from both sides were quick to dispute the prospects of such a sign initial reports officials from both sides were quick to dispute the prospects of such assignee in santiago but theres more to apec than a trade deal between china and the us in santiago but theres more to apec than a trade deal between china and the u. S. And joining us now to discuss the impact of this cancellation and other unrest throughout latin america and joining us now to discuss the impact of this cancellation and other unrest throughout latin america is economist a former Ecuadorian Central Bank official andres a ruse out of mexico city is economist a former Ecuadorian Central Bank official andres a ruse out of mexico city so 1st lets start off with the cancellation of the summit. So andres 1st lets start off with the cancellation of the summit in chile how important is the apec summit for latin american countries and how important is the apec summit for latin american countries. Right thanks for having me. Great thanks for having me well the apec cancellation in itself is it may not necessarily well the apec cancellation in itself is it may not necessarily be a big deal for the whole of latin america except by the fact that this agreement be a big deal for the whole of latin america except by the fact that the agreements between the us and china will probably take a while longer and let the magnets between the u. S. And china will probably take a while longer and let america is affected indirectly by that because of the pressures in turkey has affected indirectly by that because of the pressures in terms of trade but i think also the conference of the parties for the environment of trade but i think also the conference of the parties for the environmental agreements has also been canceled and that is probably a bigger deal for the world in our mental agreements has also been canceled and that is probably a bigger deal for the world in general because there is a lack of opportunity to reach an agreement there in general because there is a lack of opportunity to reach an agreement there d and something that we have to Pay Attention to is the leave it the other risk of final and something that we have to Pay Attention to is the leave it the other risk of final which is a soccer match of the biggest in south america that will take place on the 23rd of november which is a soccer match the biggest in south america that will take place on the 23rd of november in chile that will probably have repercussions in terms of the protests over inches. That will probably have repercussions in terms of the protests now weve touched on the surface of the unrest in chile which is largely due to an increase in now weve touched on the surface of the unrest in chile d which is largely due to an increase in Public Transit fares and many protesters cite Overall Economic inequality so could you tell by Trans Affairs and many protesters cite Overall Economic inequality so could you just break down the current Economic Situation in chile for us. Lets break down the current Economic Situation and chile for us. Great so the people are protesting there only be. Great so the people are protesting there only because of a specific measures in terms of the plug in public transport or the electricity cost because of a specific measures in terms of the plug the public transport or the electricity costs that were recently undone but in general because of economic inequality that we recently undone but in general because of economic inequality and what i would call political inequality so there in chile we have a crisis of and what i would call political inequality so there in chile we have a crisis of Political Representation the roots of the us come from that been or should dictate to ship a little representation the roots of the use come from that been or should dictate to you more than 30 years ago pinochet drafted he wrote up a constitution even more than 30 years ago pinochet drafted he wrote up a constitution for cheating the thats still in force and this constitution looks like the green for cheating the thats still in force and this constitution looks like an agreement between the i. M. F. And the chilean military i mean there has. Between the i. M. F. And the chilean military i mean there has hyper provide position of public assets of Public Services and just one more example provides is a. Of public assets of Public Services and just one more example. Theyd own the copper exporting company there you go. Theyd own the copper exporting company go there you go 75 percent of the profits of that company go directly to the military 75 percent of the profits of that company go directly to the military so with the big question is where are we seeing this economic inequality so without big question is where are we seeing this economic inequality from because i am afaik has characterizing chile as a high income country already from because i am africas characterizing chile as a high income country and right now theres only about 8 percent who are living below the poverty line and that is and right now theres only about 8 percent who are living below the poverty line and that is better than most latin american countries right now. Better than most latin american countries right now. Yeah indeed i mean if you look at the. Yeah indeed i mean if you look at the structure of inequality in chile about 30 percent of all of the income is earned trucks or of inequality in chile about 30 percent of all of the income is earned by the one percent in the top so that means the chilean rio die the one percent in the top so that means the chilean rio g. D. P. Per capita if you take d out the richest one percent. G. D. P. Per capita if you take out the richest one percent is probably at the same as the latin american average or maybe even is probably at the same as the latin american average or maybe even a little lower so this is probably the more realistic picture a little lower. So this is probably the more realistic picture of the situation of Economic Development in chile another sure of the situation of Economic Development in chile another thing is that this very new liberal constitution has been saying is that this very new liberal constitution has been in place and in chile is now under review and it has an important place in chile is now under review and it has an impact throughout the chilean economy look for example one of the consequences of the act throughout the chilean economy look for example one of the consequences of the apec cancellation in chile is the fact that now there is low political way pick cancellation in chile is the fact that now there is low political will to approve chillis and here instead of the t. P. The Transpacific Partnership to approve chillis and here in still the t. P. The Transpacific Partnership agreement the same agreement that did not want to be ratified by the ship agreement the same agreement that did not want to be ratified by the trumpet ministration so we see similar tenets here in the terms of how neo liberal trumpet ministration so we see similar tenets here in the terms of how neo liberal globalisation has affected the structure of economic inequality globalization has affected the structure of economic inequality in that the american countries as well now lets turn over to argentina in that the american countries as well now lets turn over to argentina on sunday we cite change in Political Leadership without often and outstaying president on sunday we cite change in Political Leadership without often and outstaying president mary sue mccree so just this week u. S. Treasury secretary steven minu chen said mary sue mcrae. So just this week u. S. Treasury secretary steven minu chen said the country should up hold its commitment to the terms of the 57000000000. 00 i. M. F. The country should up hold its commitment to the terms of the 57000000000. 00 i. M. F. Loan so it should be noted that menuhin wasnt completely against the idea of renegotiating the deal and so it should be noted that menuhin wasnt completely against the idea of renegotiating the deal for nandos and Cristina Fernandez de kirchner essentially ran on a platform optical fernandez and Cristina Fernandez de kirchner essentially ran on a platform opposite of the austerity measures imposed by the i. M. F. Deal so how do you see this whole thing playing out. Look this side of the austerity measures imposed by the i. M. F. Deal so how do you see this whole thing playing out. Look this has a judicial undertone that has to be explored in the case of the judicial undertone that has to be explored in the case of the team is that folds 20 years ago it was basically against bondholders and seen as the folds 20 years ago it was basically against bondholders so wall street bondholders that can actually go to u. S. Or new york courts to wall street bond holders that can actually go to u. S. Or new york courts to enforce their deal thats what happened when michael finally conceded but in the case of this to enforce their deal thats what happened when michael finally conceded but in the case of the i am if its an International Organization and they have no way of trying to enforce this its an International Organization and they have no way of trying to enforce in any court whatsoever so the numbers there have a number of the 0 in any court whatsoever so the numbers there have an upper hand and the i. M. F. Will probably even if they dont reach an agreement with the fed and this is and. And the i. M. F. Will probably even if they dont reach an agreement with the finance this is they will probably unilaterally restructure the debt in favor of one they will probably unilaterally restructure the debt in favor of argentina because they wouldnt tolerate the fact that argentina would default on an International Organization tina because they wouldnt tolerate the fact that argentina would default on an International Organization like the m. F. They still have a difficult job to overturn everythings ation like the m. F. They still have a difficult job to overturn everything that that Michael Administration did that created the economic crisis for most of running that that mike Lee Administration did that created the economic crisis for most of argentinas population but now that we see it some of the ways that theyre going to diligent in this population but now that we see in some of the ways that theyre going to deal with this with the final magli administration measures after the 1st round deal with this with the final magli administration measures after the 1st round of votes almost 2 months ago mike lee started to do most of the votes almost 2 months ago mike lee started to do most of his privatization and liberal reforms and that is probably the same sort of his privatization and liberal reforms and that is probably the same tenet of what is going to happen for a strongly founded on capital controls a tenet of what is going to happen for a strongly founded on capital controls Exchange Controls price controls and an increase in public spending to basics change controls price controls and an increase in public spending to basically solve the economic crisis for the majority of virginias popular glee solve the economic crisis for the majority of virginias population so weve witnessed a bit of a reprieve in ecuador with the government essentially he. So weve witnessed a bit of a reprieve in ecuador with the government essentially halting their plans to end fuel subsidies however it appears to be expected and halting their plans to end fuel subsidies however it appears to be expected that another similar plan will be put into place new in the near future so where are we right now in ecuador other similar plan will be put into place new in the near future so where are we right now in ecuador. Well just yesterday. Well just yesterday ecuador presented its budget for 20 or presented its budget for 2020 for the next fiscal year and in that budget there is a reduction 20 for the next fiscal year and in that budget there is a reduction in fuel subsidies not by the amount that the government wanted in fuel subsidies not by the amount that the government wanted to a month ago but by probably approximately 2 months ago but probably approximately half of that amount so it shows that the government is continuing with its pilot half of that amount so it shows that the government is continuing with its policy the measures have not been taken yet but the announcement has already been done see the measures have not been taken yet but the announcement has already been done so i expect there to be a renewed wave of protests because at the same so i expect there to be a renewed wave of protests because at the same time in there are we have an emergency law that has been sent by in time in there are we have an emergency law that has been sent by the president by president moore and its basically a tax and the prison. The president to know that its basically a tax and financial deregulation law that it is approved in the terms that was sent by the deregulation law that it is approved in the terms that was sent by the minute ministration i predicted that in the 1st semester in the 1st half of 2 industries i predicted that in the 1st semester in the 1st half of 22 in the quarter well have a financial crisis very similar to that lead to in the quarter will have a financial crisis very similar to that that argentina had only about a year ago or a few months ago that argentina had only about a year ago or a few months ago a lot of moving pieces to keep track of economist and former Ecuadorian Central Bank of a lot of moving pieces to keep track of economist and former Ecuadorian Central Bank official under as a ruse thank you so much for being here. Thank you so much for being here. Amid a massive reorganization plan Deutsche Bank on friday announced i had promoted amid a massive reorganization plan Deutsche Bank on friday announced i had promoted fabrizio can barely see achieve transformation officer mr kemp who had it fabricio can barely see achieve transformation officer mr kemp who has been with Deutsche Bank for 15 years will oversee the banks plans to cut more than 18 has been with Deutsche Bank for 15 years will oversee the banks plans to cut more than 18000. 00 jobs worldwide and dispose of 20 percent of total assets by 220000. 00 jobs worldwide and dispose of 20 percent of total assets by 2020 the restructuring of management within the bank comes days after germanys largest lender the restructuring of management within the bank comes days after germanys largest lender led down investors with weak 3rd quarter earnings which caused our stock to dip by 8 percent lead down. Investors with weak 3rd quarter earnings which cause their stock to dip by 8 percent in the 3rd quarter of 290324 key business areas were due and in the 3rd quarter of 290324 key business areas were reported a decline in revenue the bank issued a statement regarding the reorganized reported a decline in revenue the bank issued a statement regarding the reorganization saying with the creation of the new transformation and Human Resources function and saying with the creation of the new transformation and Human Resources function Deutsche Bank aims to drive forward its most compressed comprehensive transformation for 20 aims to drive forward its most come come pretense of transformation for 20 years with a sharpened focus the primary objective is to manage this restructuring whole years with a sharpened focus the primary objective is to manage this restructuring holistically with clear accountability and to improve cooperation and process coordinate list stickley with clear accountability and to improve cooperation and process coordination within the group the Restructuring Plan which was announced in july is expected to question within the group the Restructuring Plan which was announced in july is expected to cost the bank more than 7000000000. 00. Us the bank more than 7000000000. 00. 3rd quarter earnings we continue as a macro backdrop remain. 3rd quarter earnings we continuous as