No one would dispute that Latin America has done a remarkable job over the past several years averting the catastrophes that have befallen Western Europe and the U.S. Likewise some countries in the region have sustained a respectable level of securitization activity, a point of pride made by a number of participants at the Securitization and Structured Finance in Latin America (SiLAS) conference hosted by Euromoney Seminars and LatinFinance in late May.

"Technically the region has overcome the problems of the developed world," said Juan De Mollein, the conference chairman and managing director of the emerging markets structured finance group at Standard & Poor's. "Even the first quarter of this year showed better figures than people expected."

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