In the first two months of 1997 an economic state of emergency was announced in Colombia and the currency tumbled. Then, barely a week after the emergency was over, a blow-out $1 billion global bond was issued that catapulted the country out of the second division of emerging markets into the ranks of investment-grade borrowers.
All this, and yet Colombia has problems few investment-grade borrowers have seen. The US government has kept Colombia decertified as punishment for alleged non-cooperation in the war against drugs and sanctions are possible.
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