Economics
World’s Hottest Economy Goes Cold as Chileans Run Out of Money
- Retail sales in Santiago metropolitan area tumbled 18% in July
- Country inked credit line with IMF to shore up finances
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About this time last year, when Chileans were feeling flush and the local economy was hotter than perhaps any other on Earth, Norberto Araya marveled at the way money was being thrown around.
A salesman at an eyeglass shop in downtown Santiago, Araya had grown accustomed to watching cash-strapped customers bring in old frames for repair work again and again. Suddenly, they were walking in, plunking down stacks of pesos and walking out with brand-new glasses. His sales soared 40%.