It doesn’t get much tougher than this in Latin American markets. The year was book-ended by the two events that had been most feared in 2001 – a massive sovereign default in Argentina, then a presidential victory in Brazil by Luiz Inacio Lula da Silva.
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But even with Argentina out of the markets for the foreseeable future, and Brazil’s benchmark C bonds trading as low as 44 cents on the dollar at one point, capital markets in Latin America did not close completely.
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