No-one expected this. After the Mexican economic crisis of 1994-95, the tequila effect, as the subsequent contagion was known, devastated the Latin American region for years. But today, the tango effect of Argentina’s $95 billion bond default seems barely to have spilled over into Brazil. Even Uruguay, home from home for wealthy Argentines, came to the market with a $250 million bond in November.
The Dominican Republic started the ball rolling as early as September 20, with a deal originally slated for September 11.
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