A Topsy Turvy World:
The more I read, the more it’s looking like the world is indeed being turned upside down. The southern hemisphere is looking better all the time. In addition to the article below, also check out : Chinese investments in Peru to reach $10 billion in five years and Fitch Ratings sees Peru’s economy growing over 6 percent in 2011
South America Unites Against “Irresponsible Debtors” in the North
By: Mario Osava, Inter Press Service
Default, insolvency, fiscal irresponsibility, debt crisis and similar terms form part of the vocabulary used to describe countries in the developing South in the 1980s and 1990s. A decade later, the world seems to have turned upside down.
The “irresponsible debtors” are now in the industrialized North, and the countries of South America, victims of the “lost decade” of the 1980s and the subsequent financial crises, are now working hard to protect themselves against contagion from the crisis in the United States and Europe.
A meeting of economy ministers in Lima Thursday Read the rest of this story…