Hitting the bottom… 4
Coping with contagion 4
What about inflation? 10
Monetary policy: the easing cycle is still alive 13
External accounts: a weak spot? 15
Country briefs 17
Argentina 17
Brazil 18
Chile 18
Colombia 19
Costa Rica 19
Dominican Republic 20
Ecuador 20
El Salvador 20
Guatemala 21
Honduras 21
Mexico 21
Nicaragua 22
Panama 23
Peru 23
Venezuela 23
Disclosure appendix 41
Disclaimer 42