Down But Not Out

Down But Not Out

Andean

Ecuador defaulted on its debts in 1999 and had to restructure its obligations last year, forcing investors to accept a 40% cut in principal. Colombia lost its investment-grade rating in 1999 and Standard & Poor's  downgraded the country twice last year. Meanwhile in Peru, a cloud of corruption left by former President Alberto Fujimori hangs over the country as it prepares for elections in April.  Investors who bet on Ecuadorian bonds before the restructuring last year, did well. These events were sufficient to cause the Andean region's already struggling capital markets to crash,

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