Deck:
As Latin America swoons, the electricity sector holds on tight.
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Fighting to Privatize
As Latin America swoons, the electricity sector holds on tight.
The International Monetary Fund's (IMF) World Economic Outlook September 2002 gives a fragile outlook in the short-term for Latin America. In 2002, regional output contracted by 2.5 percent in the first quarter (compared with the final quarter of 2001) and is expected to fall in 2002 as a whole, according to the IMF. This contraction has caused bond spreads to widen significantly in the first half of 2002 (including sharp increases in Brazil, Ecuador, Venezuela, Argentina, and Uruguay), most currencies to weaken substantially against the U.S. dollar, and debt markets to remain closed to all but investment-grade issuers, such as Chile and Mexico.
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