Two phenomenons contributed to the tremendous decline registered by Latin American markets yesterday.
On one hand, the Argentinean Government announced its plan to nationalize 30 billion dollars in private pension funds, which generated criticism from the opposition and fear in neighboring markets.
On the other hand, results from United States' businesses which, as expected, reflected poor performance and are clear evidence of a recession.
Analysts anticipate volatility in the financial markets will be ongoing and the economy will feel its effects more strongly next year.
