A Reversal of Fortunes

A Reversal of Fortunes

Argentina

Latin American borrowers have experienced a dramatic reversal of fortune since the start of this year. At the end of 2000, bond markets were largely closed off, as investor sentiment turned against emerging markets credits of all kinds. The financial crises in Turkey and Argentina reverberated through Latin America and sent investors diving for cover. Already, 2001 has reflected a complete somersault in investor attitudes. In the fourth quarter of last year, Latin borrowers raised just $1.7 billion. In January alone this year, the figure was $6.7 billion. What Tom Trebat, head of Latin American economics at Salomon Smith Barney in New York, describes as an "absolutely amazing" tu

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