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| Euromoney Country risk: Brazil Chile Colombia Peru Mexico Uruguay Paraguay |
Up until three years ago Brazil was the vacuum cleaner of the region. It was the ‘B’ in Brics, it had very high interest rates and was growing at about 5%,” says Mario Bergara, Uruguay’s economy and finance minister. “From 2011 they have stopped growing at that rate, and interest rates went down from about 12% to 7% and some of the capital that had previously been going to Brazil started to look around at neighbouring countries.
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