 Latin America is coming to an end of three important cycles, actually I call them super cycles. The commodity super cycle is a prolonged period in which the prices of raw materials, of minerals, of agricultural products reached a very big number and grew quite significantly. Just to give you a sense of proportion, during the 20th century commodities prices went down half a percent per year on average around all categories. In the first decade of this year, the prices of commodities doubled. And that created a windfall for Latin American countries that are the exporters of minerals and agricultural products and they had plenty of financial space and fiscal space in which they could pursue their policies. The financial super cycle is also a prolonged period in which money funding investments were available in Latin America at very low costs and quite abundant. So Latin America was able also to access financial markets in a very advantageous conditions that are no longer going to be there. Populism has always been there in Latin America. In fact, you can argue that it was born there and that it consists essentially of governments that distribute wealth and income that is not there. But it's promising and trying to gain popular support by distributing everything even if that everything does not really exist. So that has been a pattern in Latin America. What happened in the last decade is that a few governments entered into what I call ex-populism. That is the extreme populism and that's the super cycle of populism which is pushing the boundaries of distributing what is not there and getting the countries highly indebted, getting the countries in policies that breed inflation and that create slower growth in ways that are quite important. These are governments that have paid no respect to the laws of gravity that also exist in economics and disdain some of the basic principles and now many of these countries are seeing the consequences of a decade of extreme populism. So I think that this super cycle of populism is also coming to an end. The coming decade or so for Latin America is going to be more challenging than the past decade. What is very important is that investors and policymakers and observers recognize that Latin America is not a country. Latin America is 34 very different countries that include some very very troubled countries like Haiti, Venezuela, Argentina and some success stories like Chile, like Colombia that in fact are models for the rest of the world. In this variety there are both countries that are untouchable in terms of investments or in terms of using them as a model of what to do and other countries that are models of what to do and ought to be admired and ought to be recognized as success stories that they are.