The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Millions of Latin Americans risk losing their jobs as a consequence of the region's economic downturn. Job losses are already piling up in Brazil, mired in its worst recession in generations, and look increasingly likely in other countries, according to a research report by UBS.
For months, Latin America's inflation has been surprisingly steady given the steep drop of their currencies. Weak growth helped curb prices - but that may be about to change.
Brazil's President Dilma Rousseff is fighting for political survival less than a year after being re-elected. Several reasons have been pointed exhaustively to explain how things got so bad in such a short period of time: chief among them are the burgeoning corruption scandal at state-run Petrobras and stubbornly high inflation, out of sync with the rest of the world.
Brazil's central bank's two-day policy meeting kicks off later on Tuesday with all bets placed on a fourth straight interest rate increase, despite growing consensus that the country is headed for its worst economic recession in 25 years.