This past week Chilean stock indexes (which fell 22% last year) hit seven-week highs, buoyed by Central Bank President Jose De Gregorio’s one percentage point interest rate cut (to 7.25 percent; the highest cut in a decade). The rate cut followed President Michelle Bachelet’s Jan. 5 announcement of a $4 billion stimulus package, worth the equivalent of 2.8% of Chile’s GDP.

Shipments fell the most in a decade in the year to December after the global financial crisis undermined the price of copper, which is Chile’s biggest export. Total exports fell 24% from a year earlier to $3.6 billion, the lowest monthly total since October 2005.

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