Chile's central bank has given clear signs that it intends to launch a QE programme involving government bond purchases and, while longer-term yields have come down a long way already, there is room for further falls. Elsewhere, the sheer scale of the fall in GDP in Peru – of 40% or so peak-to-trough – suggests that unconventional easing is likely there too. Finally, Argentina has hit a stumbling block in its debt restructuring process, which risks deepening the economic crisis.
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