Where Is Latin America Going?

During a recent tour of Latin America, I met some of the people who are heading or significantly influencing the new governments of the region. Here are some conclusions:
1. The new governments, many of them perceived as leaning toward free markets and the rule of law, have inherited a far worse situation than previously thought. One way to measure this problem is to look at the size of the fiscal deficits and the debt. Argentina’s consolidated deficit amounts to 7 percent of GDP, and although they are aiming for a zero-percent primary deficit in 2019, the servicing of the debt

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