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The Rio Group is a Latin American mechanism of political articulation and diplomatic negotiation which was created in 1986 and currently consists of 23 member countries. The Rio Group decided to incorporate the Cuban dictatorship as a full-fledged member during the presidential summit of Mercosur.
Furthermore, on the eve of legislative elections in one year, those affected by the kirchnerist proposal could vote massively for opposition candidates in October 2009 and then the governing party would be lethally hurt if it looses its own majority.
It finally happened. The moment has come to start shivering. The economic debacle that departing from Wall Street affected the whole world has become so intensive that the question is no longer if it will impact on Latin American economies, but rather in which way that will happen.
The major impact of peronism was always registered in the field of politics, as a heritage of the great capacity demonstrated by its founder in this area. But as also in many other areas, a disproportionate force in one sense always has to pay a price in another sense.
The golden sector of the Argentine administration (Sergio Massa-Martín Redrado) finally decided to pay the debt to the Club of Paris. Cristina was applauded by the industrial establishment that came together at Casa Rosada as when Néstor announced to pay cash to the IMF in 2005.
In the midst of the storm, emerging countries –and Latin America in particular- are facing a novel challenge: the strong appreciation of their currencies against the dollar. Indeed. Unlike past crises, when a sneeze coming from Wall Street sparked capital flight and devaluation, nowadays the region’s governments see their currencies gain value against the greenback, to the chagrin of its export businesses.
