Upside Risk

Upside Risk

Latin America's markets had a great year in 2005 and January continued in the same vein. In most countries, consumer confidence is strong, inflation is under control and public finances look unassailable. But don't be fooled. A good start to the year doesn't mean much. By tradition, Latin American markets begin the year with a surge in issuance. But 2006 will most likely be marked with risk, volatility and uncertainty. Elections will be the main source of uncertainty. Every major Latin American country is holding presidential elections this year. They could confirm an ominous growth in support for populist candidates, just as they could confirm latent support for economically rational candi

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