Powers That Be

Powers That Be

When they say jump, ask how high.When Felipe Sardi took a post as head of public credit at the Colombian finance ministry in 2004, the country was in the midst of an economic renaissance. President Álvaro Uribe's no-nonsense attitude toward the country's decades-old guerrilla movement was yielding results, and conventional gauges of macroeconomic health were encouraging. Tax income was on the rise, public sector companies were showing marked improvement and GDP had expanded 3.6% the previous year and was on track for even greater growth. And yet, throughout 2004, Colombia carried sovereign credit ratings that indicated its solvency and likelihood of paying off debt obligations

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial