European banks pull out of Latin America, currency plummets in Argentina and Brazil

This is a quick note here on Latin American economies where currency issues are the main story. Argentina has been most often in the news, but the slowdown in Brazil should be top on the radar. I also note that some European banks are pulling the plug on their Latin American investments, ostensibly to raise capital. But this could be in reaction to recent nationalisations in Bolivia and Argentina and the threat that more could be coming.

Some of the links in Spanish highlight the stories. Let's start with the currencies. The Brazilian Real was remarkably strong during the initial years of the crisis, so much so that Brazil began to complain about currency wars started by western countries printing money to reflate their depressed economies. Now the currency wars have given way as Brazil...


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