Brazilian investment bank Itau BBA calculated this week that the euro zone economies would contract by nearly 5% in such a worst case scenario, not 0.3%.
In the former Canal Zone, meanwhile, another diplomatic tiff concerned Panama's decision to award a contract to run the ports of Cristobal and Balboa to Hong Kong's Hutchison Whampoa Ltd. in a deal that Ambassdor Hughes said was unfair to American bidders.