From the Rio Grande to Tierra del Fuego, many Latin American banking systems are today in a state of convulsion. Up and down the continent, banks are restructuring their portfolios or unloading bad debts on the state, merging or being taken over, or just plain going to the wall.
The themes are often the same but the underlying causes are specific to each country. In Mexico, banks have been knocked sideways by mounting bad debts caused by the skyrocketing interest rates that followed Mexico’s currency devaluation in December 1994.
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