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Thursday, 08/18/2022 1:10:37 PM

Thursday, August 18, 2022 1:10:37 PM

Post# of 2897
Bloomberg:_The favorite_of Latin_America is_now riskier_than chaotic_Peru
The swaps of credit risk suggest that it is more likely that Chile, the former favorite of Latin America, will stop paying its debt in the next five years than Peru. Although both economies are dependent on raw materials and run large fiscal deficits, Peru’s political instability is on a totally different level of melodrama than Chile’s. The prime minister, Aníbal Torres, recently called on the population to defend the government in the streets from a possible “coup”, and the president, Pedro Castillo, who faces a second possible impeachment process. Nevertheless, the cost of insuring Peru’s five-year debt against default is now lower than in Chile, and by the widest margin in at least a decade, except for a brief period at the beginning of the pandemic. Chile’s credit default swaps are also trading at a wider spread than Panama’s, implying that this is very much a Chilean problem.

A year ago if you would have told me that Chile is going to fall behind Peru and become an international focking deadbeat I would have said you were loco in the head... but it is August 2022 and here we are in the toilet behind that sombrero-wearing cowboy-wannabe illiterate/incompetent pipsqueak farmer moron Pedro Castillo in Peru. It is unbelievable how far Chile has fallen just since March of this year.

The Doctor

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