Mass protests against tax hikes in Colombia this week have reduced the chances that reforms will be passed (at least without being watered down), putting the sovereign's investment grade rating on even thinner ice. This also raises the chance that the central bank will adopt a more hawkish stance in the coming months. Otherwise, improved access to the highly-effective Pfizer jab and handouts from the US may lift vaccine rollouts across Latin America, offering a bit of light at the end of the tunnel.
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