Latin America set to escape worst of turmoil

Rodrigo de Rato, the managing director of the International Monetary Fund (IMF), expects Latin America to avoid most of the effects of the recent financial turmoil, though its economy may be hampered by the aftermath.

Speaking at the Ibero-American Association of Chambers of Commerce in Madrid on Monday, de Rato said that the region's economy "remains basically good". He gave five reasons for this:

less reliance on the US. In 2000, 57% of Latin America's exports went to the US. In 2006, this

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