In Peru, the nation’s inferiority complex with Chile is a generous and unending source of political capital for its pathetic and vomitworthy ruling class. The Toledo gov’t (pre-Twobreakfasts) is the one that made the Free Trade Agreement with the USA happen, but now ex-PM of the Toledo era, Carlos Ferrero, says that the brand new FTA with Chile “damages the independence of Peru”. Your humble correspondent is confused about this; how can you damage something that was smashed into a thousand pieces years ago?
In Brazil, Petrobras (PBR) watched the absurd trick Citigroup (C) pulled with its leaked “we’re making a profit” documents and thought “hey! cool! let’s do that too!”. Unfortunately for PBR, unlike the anglosaxon world Brazil actually has a regulatory body that does some work occasionally and now the episode is being investigated. Market Memorandum tells you more on this link.