GDP in Brazil grew slightly in Q3, ending the technical recession that began in the first quarter

The deterioration in fiscal accounts continues, the primary fiscal balance of the public sector was the lowest since 2002, while gross and net debt continues to rise. Activity in Chile continued to progress at a slow pace, in line with our expectations although still a long way from government’s expectations. In Colombia the CB kept the MPR unchanged and a long pause is anticipated, at least until May 2015. In Peru the CB cut the reserve requirements in local currency (effective as of December), which is part of the policy to continue supporting CB credit.

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