Salsa For A New England Bank
Banking in Latin America is not for the fainthearted. Since 1995, more than 30 Brazilian institutions have failed or merged, unable to adapt to the new low-inflation environment. In Argentina, 40 local banks have folded or were forced into mergers as panicky depositors withdrew some $8 billion last year in the wake of Mexico's financial crisis. Most foreign banks, unwilling to hop aboard the region's economic roller coaster, have simply stayed away.
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