The debt crisis hit Latin America very hard. The buildup in borrowing had been enormous. Between 1975 and 1982, Latin America's long-term debt almost quadrupled, from $45.2 billion to $176.4 billion.

and higher debt; even poverty and employment have returned to pre-pandemic levels. Latin America is the region hardest hit by the COVID-19 pandemic. The health crisis sharply contracted growth, which ...