The real engine of growth is the rest of the world. The context for growth in Latin America is well set with the US and European growth strong and Asia recovering. If it all depends on the personality and charm of the next minister who you don't know yet, investors will stay in US Treasuries until after the elections. Credibility relates to institutions and not to individuals. We need monitoring and a commitment to the mid-term.
Institutions are critical.
Our Net Present Value and low cash flow makes us subject to runs on bonds and self-fulfilling expectations create liquidity problems. Few countries manage this adequately. We need more credibility and our supervisory and accounting standards must be stronger. It's very much like in aviation, where planes crash and engines need to be periodically inspected by an autonomous checker. In the USA it's the Federal Aviation Administration.