More good news from Brazil. The country says it is to pay back $15.5bn to the IMF, marking the "end of a long history of financial turbulence", says Reuters.
The country's debts have fallen significantly over the last three years and are now at the kind of manageable level (52% of GDP) that means that it can now do what investors have long been waiting for it to do concentrate on growth.
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Yet despite all this good news, the Brazilian market is cheap. On an average p/e of under ten times and offering an impressive yield of 5.6%, it is, Wil Lander, manager of Merrill Lynch's Latin American fund told the FT, "the cheapest market on the continent". The Merrill Lynch fund is 60% weighted to Brazil, but you can get even purer exposure via the new iShares MSCI Brazil exchange traded fund.
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