Despite major political change in Brazil, Argentina, and Venezuela due to global economic tumult, it may be premature to speak of a rightward shift in Latin American politics. Yet, developments in these democracies need to be monitored carefully as India has a stake in their political stability.
The Argentines blame the 'Washington Consensus' for the default in 2001, and the New York judiciary and vulture funds for the 'artificial default' in July this year. These are challenges not just for Argentina; they endanger the global debt restructuring system and contradict U.S. domestic laws
With a devaluing peso, a low trade surplus, high inflation, and falling foreign exchange reserves, the economic situation in Argentina is bleak. But the government can overcome the crisis by changing policies, lessening controls, exploring the country’s shale gas reserves, and working on settling its debt
In 'Latin America Update' Gateway House lists some of the important events in Latin America over the past month
India seems to be treading down the path of fruitless populism that crippled many countries in the past, most notably in Latin America. But like Latin America, India too can embark on a course-correction by implementing pragmatic economic policies alongside progressive but results-driven social spending.
How does Indian culture influence the rest of the world? Ambassador R. Viswanathan recounts his recent experience in an Argentinian nightclub where he found himself embroiled in a Yoga Rave party, which promotes the Indian ways of living such as spiritualism and mantra.
As the Arab world remains engulfed in protests, there may be lessons to be learned from other recent democratic converts. Latin America’s growth story may provide the Arab world with some recommendations on how to address socio-economic issues in the post-revolution scenario.