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| De la Rua (front) and
Cavallo |
What a difference a year - and a global crisis - make. A
year ago Mexico was basking in the warmth of a special relationship
with a friendly new US president. There was talk of relaxing
controls on Latin Americans entering the US. The world economy
looked pretty robust and the IMF held out the promise of a way to
avert an Argentine default.
Since then, Washington has abruptly refocused on the Atlantic
relationship with traditional allies such as the UK, US border
controls are stricter than ever and Latin Americans in New York are
pondering the possibility that they might be more secure back home.
The global economy has weakened dramatically. And Argentina can't
pay its debts.
The collapse of investment banking business in the region is
testament to the downturn. Between January and October, Morgan
Stanley managed a meagre $4 billion-worth of merger and acquisition
deals...
