Absence of crisis is the limit of progress

Latin American bond markets have maintained unexpected buoyancy so far this year. But the restructuring of Argentina's debt still looms as a prerequisite of the investment flows it needs, and Brazil is yet to institute the reforms that will enable its private sector to generate growth. Trade agreements would help. Felix Salmon reports.

AS BANKERS, FINANCE ministers and thousands of other interested parties converge on Lima for the annual meeting of the Inter-American Development Bank (IDB) at the end of this month, regulars could be forgiven for wondering where the crisis is.

Argentina will be a prime topic of conversation, of course; the Dominican Republic and Haiti are in crisis; and the president of the host country, Peru, is still struggling to keep his approval rating in double digits.

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