Peru to buyback bonds
At least there are responsible governments in the developing world. Brazil is great but Peru is even better. They are not as large but they are more fiscally responsible. If I had to place my bets, I would think Brazil is perhaps a bit to giddy right now to actually make money. Peru has slowly climbed the ladder in South America and their model seems to be Chile rather than the United States. Most people don't realize that they are investment grade per S&P, via Bloomberg:
Peru plans to use $65.8 million of cash to help fund a buyback of $415 million of international bonds.
The government said in its Official Gazette that it will sell more bonds “when market conditions are more favorable” to replenish the cash it takes from the Treasury to make the payment. The government announced on April 9 the buyback of bonds maturing from 2012 to 2016 as part of an effort to reduce its short-term debt.