 Our first speaker today is Andreas Rosenthal. He's a senior policy advisor at Chatham House, president of Rosenthal and Associates, former Mexican ambassador to the United Kingdom. And Andreas, take it away. Thanks, Jim. Thank you very much. And thanks to the World Policy Conference for the invitation. Latin America perhaps, as you started off by saying in the United States, is not something a lot of people used to read about, but I think today Latin America is very much on the front burner of domestic U.S. policies and also in terms of foreign policy. Whether it's because of issues related to migration or questions relating to economic growth or populist presidents that have been elected in many of our countries as a result of an enormous amount of dissatisfaction by the population of regarding previous administrations, previous governments. There's an enormous amount of volatility going on and I think that has put Latin America more in the forefront of interest in the U.S. but also in Europe and in the rest of the world. In a very general way, the region, if you count it from Mexico all the way down to the Antarctic and include the Caribbean, the English-speaking and Spanish-speaking Caribbean is not doing well. We're not doing well economically with very few exceptions. Countries like Brazil and Mexico, the two largest economies in the region, are growing at either minimal rates or in the case of my country, Mexico, probably towards zero real growth this year. A lot of it is also self-inflicted so that one cannot put the blame on a global downturn in terms of economic growth the way one could with China or with some of the European countries. If you remove Venezuela from the equation, because Venezuela's growth is negative and has been negative in a very large way for the last few years, we are not moving fast enough to be able to deal with the annual new entrance into the labor market. So in addition to other problems, we have a social problem of young people who can't get a job and many of whom don't study either. And so these so-called ninis in Spanish, ni trabajan ni estudian is a very serious problem in my country and I think in some of the other countries as well. And another issue which I think has happened and is part of the scenario these days is that the region as a whole is retrenching from global and regional affairs we are looking very much introspectively within our own countries as a result of the economic contraction but also as a loss of interest among voters. Voters today are much more preoccupied with their own pocketbook issues with issues relating to violence, organized crime, the migration issue and so we are very easily abstaining from larger participation as we have had in the past on the global scene. And I think this is particularly true of Brazil and Mexico. We both had leadership roles on different issues, climate change and other issues and we are now very much on our own. The President of Mexico, for example, current President of Mexico has been in office for 10 months, hasn't left the country once, didn't go to the G20 summit, didn't go to the UN General Assembly, didn't even go to the Pacific Alliance summit which is a Mexican creation and I think this is very indicative of this retrenching into an introspective world of both economic, political and social issues. So as a result of all of these factors, I think Latin America is going to be to use a British expression punching below its weight on the global stage at a time when the opportunity to lead, and we've heard a lot during this conference about lack of leadership, the opportunity to lead is very present. But none of our leaders, none of our domestic leaders are really willing to take this on. They are much more concentrated on their own domestic issues. I'll just very quickly go through some of the highlights of countries that are in trouble. I'll start with Venezuela where, as you know, because it's been in the headlines a lot, there's a humanitarian crisis, there is a government whose legitimacy is being challenged by another leadership push. You have a population that has left Venezuela. About four million people are projected to have left Venezuela by the end of next year if things don't change there. You have a Russian-Venezuelan alliance that has entered the picture, which is something that replaces the old Cuba-Russian alliance. So Mr. Maduro and the Venezuelan government in power at the moment is being supported basically by Russia. And that is something which obviously upsets the U.S. And so the U.S. decided that as a matter of priority in its foreign policy, it was going to move for regime change in Venezuela. Well, two years later there is no regime change in Venezuela. The U.S. foreign policy has failed miserably. And there is no perspective, as far as I can see, of a change today in what's going on in Venezuela. So we'll probably be faced with a great deal more humanitarian tragedies in the coming months. In Ecuador, a more recent issue, you have a president who is being assaulted by public opinion because of a reduction or elimination of subsidies for gasoline. And he has had to move the capital, his government, from the capital of Ecuador, from Quito to Guayaquil, which is an indication that to some extent the government has lost control of what's going on in the capital city. Argentina, we've heard the story before. Argentina has been an up-and-down roller coaster for most of its history, having been one of the richest countries in the world. Again, the faults on its international obligations puts the IMF in a serious problem because of the $55 billion that the IMF has pledged to support Argentina. And there are elections coming up later this month where most probably the current president will be ousted by, again, the Peronist populist movement, which will be headed by a candidate Fernandez. Nicaragua, Peru, Haiti. Haiti is another tragedy. Again, after the earthquake, after all of the suffering that the Haitian people have had, they've had six presidents in the last two years and they're unable to find a way to govern. And the current president is, again, also being assaulted in the streets by popular opinion, dramatically demonstrating against him and asking for his resignation. In Peru, the last four presidents of Peru, three of them are in jail, and one of them had to commit suicide because he was going to be discovered as having been involved in a corruption scandal. Nicaragua, again, a country that at one point was looked up at because it overthrew a dictatorship, a Somoza dictatorship of many, many years. Now the Sandinistas who took over and ejected the Somoza government are back in the dictatorship mode. The current president, his wife, run the country. They've now been re-designated and also there is an economic crisis. So putting those countries on one side and talking about my country and Brazil, and Carlos Ivan will be much more detailed on the Brazilian situation, we have very many of the same problems. We have a problem of tepid growth. We have a rising middle class that demands things from government that government so far has not been able to give. We have corruption scandals. We have violence in the cities, organized crime, drug trafficking, things which really have permeated our daily lives and which at the end of the day are creating a great deal of dissatisfaction by our people. So not a good story, I'm afraid to say. And I know that we'll hear something about what investors believe Latin America still offers. But the fact is that for a Latin American it's not a good time.