MercoPress. South Atlantic News Agency

Drake's brother in the River Plate.

Drake's brother in the River Plate.

A vessel that under the command of the brother of the famous English corsair Francis Drake, John, sunk in 1581 in Uruguayan waters next to Punta del Este is to be recovered from the sea bed by an Argentine company. Uruguayan authorities extended this month shipwreck rescue licenses to "El Morro" company for the recovery of John Drake's vessel and two other Spanish ships that went down in 1795 and 1895 close to Isla de Lobos, a few miles from Punta del Este. According to reports from that time the frigate "Gaditana" heading for Cádiz, Spain sunk in the middle of a storm with an unspecified cargo. The "Ciudad de Santader" suffered a similar fate in may 1895. Although there's not much information about the English vessel it's believed it could hold some surprises since it was pillaging in the River Plate exit of Montevideo and Buenos Aires. In 1992 another Argentine rescuer found gold coins, guns and other utensils from the Spanish galleon that sunk close to Montevideo in 1752. According to Uruguayan legislation, the government is half partner of whatever is recovered.

Billions overseas

Argentine residents hold 96 billion US dollars in overseas investments according to a report from the Argentine Ministry of Economy. The sum triples Central Bank reserves (30 billion) and is equivalent to seven times Argentina's money circulation (14 billion). Most of the money which is now invested in foreign shares, bonds, real estate and other holdings, left the country over a decade ago when inflation was rampant. In 1991 the total was 51 billion US dollars. A more detailed estimate indicates that 30 billion US dollars are invested in bonds, 22 billion in shares, 17 billion in real estate and 11 billion directly in companies.The report published by La Nación extends until December '99.

Buenos Aires new Mayor

Aníbal Ibarra, (42) a former Attorney General who became involved in politics combating corruption took office last weekend as elected Mayor of the city of Buenos Aires, a job considered the third most important politically in Argentina. Ibarra a close ally of President De la Rúa, promised in his inaugural spee