This is a lull, not a recovery. In this sort of situation, a small bounce-back happens quite often. (It) is wishful thinking. But the point is, it is not over.

It's a country developing very fast and it deserves to have low credit spreads. Investors like myself with pension funds and central banks will just buy into any weakness.

It would be a good opportunity to signal a change in interest rate policy. This is a country with single-digit inflation and an interest rate of 20 percent. It's ridiculous.

Brazil is on autopilot. Congress could do nothing for the next year, and Brazil would still be a good credit.

Brazil's benchmark rate will keep on falling until it gets down to a more reasonable single digit rate. The tax cut, along with lower inflation, will certainly help.

Central Europe, where more good news is priced in, may lag Russia and Turkey.

The possibility of Mexico and maybe Russia trading through Italy is very real.