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Time for a little austerity in Latin America

Giving too much money to politicians is like feeding candy to children: it always leads to bad behavior.  Latin America is no exception.  The decade-long economic boom driven by high commodity prices and cheap capital has been good to Latin American governments and consumers alike.  In 2009, when the global financial crisis struck, households and businesses tightened their belts. Governments, by and large, did not. A revealing example of this trend can be found in the Dominican Republic.  President Leonel Fernandez engineered an impressive economic resurrection of the country from 2004-2008, regaining the confidence of investors.  At the start of […]
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