Mexico is going through a complex scenario, both in its internal and external environment. Last year was one of the most complicated ones for the Mexican peso. And things remain unclear for 2017: external factors influenced mainly by the US electoral process and its outcome have compromised Mexico’s economic performance.

Many analysts are venturing to link the crisis that plagues the Venezuelan economy with the fall in the price of crude oil. With oil being one of the most important commodity in Venezuelan production and the country’s main export product, it seems that the fall in the price would bring any country with an economic structure similar to Venezuela’s into a crisis. Similarly, many assume that the problems in Ecuador have the same root as those in Venezuela, although less pronounced.

It seems that 2006 was a long time ago—the year when Rafael Correa was not yet president of Ecuador. Nevertheless, there was an Ecuador before him: a troubled country that had seven presidents in only 10 years. With elections just around the corner, what economic model will mostly benefit Ecuadorians?

With the persistence of the new president of the United States to build a wall and his expectation to make Mexicans assume the cost, new creative initiatives to find a way to make them pay it are starting to emerge.

It seems that the echoes of Spain’s Great Recession will never end. Despite the country’s strong growth for at least two years, the general feeling seems to be that of a country consumed by the resonance of its own misfortune.

Last year, non-financial companies issued $674.3 billion in corporate debt, a new record high. Low interest rates are wrecking the allocation of capital: the increase in debt is not used to invest, but rather to distribute cash to shareholders. However, there is one important caveat to this whole scheme that will threaten the U.S. economy.

The main problem arises when a government deficit comes with a primary balance deficit. The primary balance is the difference between government revenue and expenses, without taking into account the cost of the debt (interests).

Why didn’t the depreciation of the yen help exporters? Primarily, because large exporters are also large importers.

As long as people are pessimistic about the future of the Mexican economy, the peso will continue to fall. It is still uncertain what Donald Trump’s government can and will do.

When it comes to the equity market, the Swiss Market Index (SMI) continues to trade 10% below the figure for 2007. Despite the economy’s strong growth since then, the multiples at which the shares are currently listed are lower from those of 2007.