After Ecuador: Who's Next?

The financial storm that swept across global markets last year has rapidly degenerated into an economic hurricane. Consequently, we have grown bearish on Latin America's economic growth prospects on the dawning of a darker age of commodity price deflation, stricter access to international financing, and a slump in domestic demand. For almost every country we have lowered our real GDP growth forecasts, and stress that the risks remain weighted to the downside.

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