e merging m arkets conomics r esearch f irst q uarter 2003 overview first assessment of 2004 argentina populism may linger after the elections brazil tight budget suggests continued fiscal responsibility chile lowered growth expectations but trade agreement helps colombia light at end tunnel ecuador elusive imf needed to meet financial obligations mexico conditions maintain a steady recovery are in place peru better than expected performance uruguay muddle through scenario with high risk heterodox solution venezuela passing point no return santander central hispano investment fixed income & economics research ernest w chip brown head 212 583 4663 ebrown schny com highlights contents _________________________________________________ 2 country reports ____________________________________________ 5 brazil_______________________________________________ 13 _______________________________________________ 21 25 33 ______________________________________________ 40 peru________________________________________________ 47 53
