Have Latin American countries now moved sufficiently away from US control of their affairs that their economies have been cushioned from the US centred economic crisis. It seems as if there has been a growing trend towards co-operation in the region with a number of countries democratically electing socialist administrations. This has not been without significant reaction. In Bolivia some of the regions declared themselves no-go areas for the elected president Ivo Morales. Morales has for the first time given a voice to the oppressed majority of Amerindian people.
One report from Latin American source reads as follows:
Why the US financial crisis is good for Latin America
“The near panic by US policymakers over the state of the US financial system is causing more than wry amusement in Latin America. Ardent leftwingers, such as President Hugo Chávez of Venezuela and President Cristina Fernández of Argentina can barely stop themselves from gloating. What is more significant is that more sober citizens such as Alejandro Foxley, now Chile’s foreign minister, argue that the US deserves what is happening.”
Source: Latin American Economy & Business 25 Sep 2008