investors had become too negative, too quickly. Now, they are scrambling to get back in.
The spotlight on Brazil has also highlighted potentially damaging rifts in the country. Subway workers have been on strike demanding higher pay and improved benefits. Teachers remain on strike in Rio de Janeiro and routinely block streets with rallies. Police in several cities have also gone on strike, but are back at work.
Going forward, investors should be more selective when investing in emerging markets, says Garcia-Amaya.
''The message for investors is, don't treat (emerging markets) as one,'' he says. ''It is very important to do your homework at the country level.''