MIAMI, Fla. - While music aficionados, celebrity-watchers and just plain partiers on Miami Beach chatted blithely in the sun about the MTV Latin America Video Music Awards being held here, other devotees of things south of the border came together downtown for a more sobering reunion. "This is probably the nastiest, worst time in the market that any of us remember," said LatinFinance editor John Barham during his opening address to Euromoney's Securitization in Latin America Summit.

With Argentina shut down and only a few deals squeezing through Brazil's border, other participants echoed that sentiment. "Everyone's appetite right now is minimal for Brazil and Argentina," said Bear Stearns Senior Managing Director Jonathan Lieberman, referring not only to investors but to the insurers and multilateral institutions that add enhancements as well. "We're out of capacity in Brazil and we're not looking at anything in Argentina," said Diana Adams, managing director of Ambac Assurance Corporation.

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