The emerging-market crisis will roll on, mutating like a virus as it kills investor dreams. Sure, Latin America’s flaws are not those of Asia. But they’re deep enough for the region to get whacked.
When the Asian crisis first struck, many investors in Europe drew a line under the global emerging-market crisis and continued to pour money into Latin America. “Latin America is different,” they said.
It’s true the region didn’t suffer from a surfeit of cheap foreign capital or from overinvestment, as Asia did.
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