Latin America escapes the crisis

The business paper Les Echos describes how Latin America is escaping the impact of the current financial crisis: "Despite the storm caused by the sub-prime mortgage crisis, Latin America is doing well. Has the old maxim according to which 'when the United States sneezes Latin America catches a cold' lost its validity? ... China and India's energy requirements and the soaring oil and gas prices are like a gift from heaven for exporting countries like Venezuela, Mexico, Bolivia and Ecuador. Beijing has become the biggest importer of Brazilian and Argentine products like soy, and copper from Chile and Peru - an unanticipated partner who is filling up the currency reserve coffers of numerous countries."

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