Local currency debt: The color of money

Local currency debt: The color of money


It’s a quirk of Latin America’s modern financial history that the devastation created elsewhere by the 2008 global crisis was, for the region, something of a blessing. European banks, in particular, retrenched and then retrenched again as the crisis gained pace. But what was an ill wind for these institutions proved a boon to their LatAm counterparts. The gap these departing banks left in international markets provided opportunities for local and regional players to prove themselves. Moreover, in a kind of virtuous circle, international investors attracted by Latin American interest rates had the opportunity to test the currency markets. The two largest Latin economies – Brazil and Mexi

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