Latin Finance - March/April 2010 - 33
finance minister scorecard Brazil was among the last in and first out of recession. Guido Mantega placed third in the rankings, heading a closely bunched group that includes Peru and Colombia. Brazil’s central bank took a lot of the early praise for decisive moves in interest rates, and for being ready for FX intervention with reserve levels so high many in good times had thought them excessive. The government also stuck its neck out in a big way for troubled corporates through copious debt and equity injections from state development bank BNDES. Measures to spur the economy last year included increased spending and tax breaks to consumers and sectors including utilities and industrials could make it di cult to keep inflation down. Critics worry about how the government will dampen such measures as growth comes roaring back. Finally, while not seen as a major market-mover, the government imposed a 2% tax in October on foreign investors’ purchases of stocks and bonds that left many observers scratching their heads. Finance Minister Rankings Best of the rest Rank 5 6 7 8 9 10 11 12 13 Country Peru Uruguay Panama Dominican Republic El Salvador Jamaica Argentina Ecuador Venezuela Minister(s) Luis Carranza/ Luis Valdivieso Álvaro Garcia Alberto Vallarino Vicente Bengoa Carlos Cáceres Audley Shaw Amado Boudou María Elisa Viteri Alí Rodríguez Source: LatinFinance Like Chile, Brazil fought from a position of strength. As in Mexico, however, the crisis illuminates the need for greater fiscal reform and debt reduction. Critics worry that the election and upcoming spending on the 2014 World Cup and 2016 Olympics will challenge fiscal restraint. Elsewhere, a sound financial system and timely monetary easing were critical factors for Colombia. The government was proactive in obtaining precautionary multilateral financing. And like Mexico and Brazil, Colombia appears ready to put together a long-term plan for fiscal policy, but has yet to see results. Questions also remain about Peru’s ability to return to pre-crisis growth. The revolving-door tag team of Luis Carranza and Luis Valdivieso did not receive heavy criticism. But analysts view the pair as doing little to distinguish themselves in the way that the Chilean and Mexican ministries have. Mercedes Aráoz took over from Carranza in late December. Among smaller nations, Panama and Uruguay received high marks for weathering last year’s crisis and are candidates for Fitch upgrades this year. “Panama has withstood the global crisis very well,” says Shelly Shetty, senior director at Fitch, noting manageable financing needs but a high debt burden. Uruguay benefits from elevated liquidity, Brazilian growth, and increased insulation from Argentina, she adds. LF 0HWUR &RXQWU\ &OXE 6$ ,V 3OHDVHG WR $QQRXQFH DQ ,QYHVWPHQW RI 86' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LQDQFLDO $GYLVRU ,QGHVFRUS 6$ MHD#LQGHVFRUSFRP /HJDO $GYLVRUV WR ,QYHVWRUV -LPpQH] &UX] 3HQD 3DUWQHU /XLV - -LPpQH] OMLPHQH]#MFSGUFRP 0DGH %\ 3257/$1' 35,9$7( (48,7< 0HWUR &RXQWU\ &OXE LV ORFDWHG LQ -XDQ 'ROLR 'RPLQLFDQ 5HSXEOLF )RU LQIRUPDWLRQ SOHDVH FRQWDFW &DUORV &RUWLQD &)2 DW ZZZPHWURFRXQWU\FRP March/April 2010 LATINFINANCE 33
http://www.metrocountry.com
http://www.metrocountry.com
Latin Finance - March/April 2010
Table of Contents for the Digital Edition of Latin Finance - March/April 2010
Latin Finance - March/April 2010
Contents
Political Risk
Man of the Year
Santander Brazil CFO
Vale Fertilizer Strategy
Finance Minister Scorecards
Privatizing Codelco
Samurai Bonds
Peruvian Rail Investment
Brazil Investor Report
Parting Shot
Latin Finance - March/April 2010 - Latin Finance - March/April 2010
Latin Finance - March/April 2010 - Cover2
Latin Finance - March/April 2010 - Contents
Latin Finance - March/April 2010 - 2
Latin Finance - March/April 2010 - 3
Latin Finance - March/April 2010 - 4
Latin Finance - March/April 2010 - 5
Latin Finance - March/April 2010 - 6
Latin Finance - March/April 2010 - 7
Latin Finance - March/April 2010 - 8
Latin Finance - March/April 2010 - 9
Latin Finance - March/April 2010 - 10
Latin Finance - March/April 2010 - 11
Latin Finance - March/April 2010 - 12
Latin Finance - March/April 2010 - 13
Latin Finance - March/April 2010 - 14
Latin Finance - March/April 2010 - 15
Latin Finance - March/April 2010 - Political Risk
Latin Finance - March/April 2010 - 17
Latin Finance - March/April 2010 - 18
Latin Finance - March/April 2010 - 19
Latin Finance - March/April 2010 - 20
Latin Finance - March/April 2010 - 21
Latin Finance - March/April 2010 - Man of the Year
Latin Finance - March/April 2010 - 23
Latin Finance - March/April 2010 - 24
Latin Finance - March/April 2010 - 25
Latin Finance - March/April 2010 - Santander Brazil CFO
Latin Finance - March/April 2010 - 27
Latin Finance - March/April 2010 - Vale Fertilizer Strategy
Latin Finance - March/April 2010 - 29
Latin Finance - March/April 2010 - Finance Minister Scorecards
Latin Finance - March/April 2010 - 31
Latin Finance - March/April 2010 - 32
Latin Finance - March/April 2010 - 33
Latin Finance - March/April 2010 - Privatizing Codelco
Latin Finance - March/April 2010 - Samurai Bonds
Latin Finance - March/April 2010 - 36
Latin Finance - March/April 2010 - 37
Latin Finance - March/April 2010 - 38
Latin Finance - March/April 2010 - 39
Latin Finance - March/April 2010 - Peruvian Rail Investment
Latin Finance - March/April 2010 - 41
Latin Finance - March/April 2010 - 42
Latin Finance - March/April 2010 - Brazil Investor Report
Latin Finance - March/April 2010 - 44
Latin Finance - March/April 2010 - 45
Latin Finance - March/April 2010 - 46
Latin Finance - March/April 2010 - 47
Latin Finance - March/April 2010 - 48
Latin Finance - March/April 2010 - 49
Latin Finance - March/April 2010 - 50
Latin Finance - March/April 2010 - 51
Latin Finance - March/April 2010 - 52
Latin Finance - March/April 2010 - 53
Latin Finance - March/April 2010 - 54
Latin Finance - March/April 2010 - 55
Latin Finance - March/April 2010 - 56
Latin Finance - March/April 2010 - 57
Latin Finance - March/April 2010 - 58
Latin Finance - March/April 2010 - 59
Latin Finance - March/April 2010 - 60
Latin Finance - March/April 2010 - 61
Latin Finance - March/April 2010 - 62
Latin Finance - March/April 2010 - 63
Latin Finance - March/April 2010 - 64
Latin Finance - March/April 2010 - 65
Latin Finance - March/April 2010 - 66
Latin Finance - March/April 2010 - 67
Latin Finance - March/April 2010 - 68
Latin Finance - March/April 2010 - 69
Latin Finance - March/April 2010 - 70
Latin Finance - March/April 2010 - 71
Latin Finance - March/April 2010 - 72
Latin Finance - March/April 2010 - 73
Latin Finance - March/April 2010 - 74
Latin Finance - March/April 2010 - 75
Latin Finance - March/April 2010 - 76
Latin Finance - March/April 2010 - 77
Latin Finance - March/April 2010 - 78
Latin Finance - March/April 2010 - Parting Shot
Latin Finance - March/April 2010 - 80
Latin Finance - March/April 2010 - Cover3
Latin Finance - March/April 2010 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com