Word: latinizes
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...external debt. Lula, 56, a former labor-union leader running for the presidency for a fourth time, is likely to defeat Jose Serra, the candidate of the governing coalition, in the runoff on Oct.27. Following the economic catastrophes in Argentina and Uruguay, American bankers fear that the commitment of Latin America to the Washington Consensus, the bundle of free-market policies that has been adopted on the continent since the late 1980s, may be in jeopardy. Given the exposure of U.S. banks and exporters to Latin America, that could translate into lost jobs and profits north of the Rio Grande...
...Still, Lula's election, should it happen, would be no small matter. Brazil has the largest economy in Latin America; some of the trends that seem likely to propel Lula to power are visible elsewhere on the continent as well. Peter Hakim, president of the Inter-American Dialogue, a Washington think tank, says that Lula's success reflects widespread "unhappiness with the results of economic reform and the quality of leadership." Lula will be nobody's stooge, least of all Washington's. "The U.S. thinks first and foremost of the U.S.," he told Time recently...
...part, the Bush Administration is now warning trigger-happy Venezuelan generals that it won't recognize any unconstitutional overthrow of Chavez. The White House "wouldn't be doing that if it hadn't decided that we have to deal with this guy," says a U.S. official in Latin America. Venezuelan Foreign Minister Roy Chaderton Matos, concurs: "Our channels of communication [with the U.S.] are suddenly multiplying now." So much so that Venezuela, which already exports 1.54 million bbl. a day to the U.S., has just begun negotiating a 20-year oil-delivery deal with Washington and just opened its vast...
...Chavez is still a reminder of the late Nobel author Octavio Paz's lament that Latin America's revolutions are inevitably "squandered in violent agitation." His 1998 landslide election overthrew one of the world's most rotten political systems, but he seems incorrigibly wedded to a bellicose and autocratic style that many fear could eventually evolve into a left-wing dictatorship like Cuba's. Chavez recently threatened to seize businesses that close for whole days to protest his erratic government. His neighborhood organizations, the Bolivarian Circles, do aid the poor, but they sometimes morph into armed gangs like the ones...
...required to call until next August. The impoverished masses who march for him, and who had little if no voice in pre-Chavez Venezuela, are the key to his resilience, just as Brazil's exasperated poor, fed up with the unfulfilled promises of a decade of capitalist reforms in Latin America, are likely to vote Workers Party candidate Luiz Inacio Lula da Silva into the presidency next week. "The oligarchs in this country just want to demonize Chavez because he's giving our class the chance to participate in the economic and political life of Venezuela for once," said Yosmari...