For years, Peru has defied gravity. The country has had eight presidents in ten years—a virtual power vacuum at the top of government—and yet the economy kept growing, the currency held strong, and the mining sector kept producing. That decoupling of politics and economics has kept Peru relatively stable and has prompted many in the private sector to argue that politics doesn’t really matter. But a first-round election marred by widespread logistical failures, fraud allegations, and a razor-thin race for second place—between leftist Roberto Sánchez, a former minister of the now-imprisoned Pedro Castillo, and right-wing populist Rafael López Aliaga—is now putting that resilience to its most serious test yet. Our guest is Luis Miguel Castilla, currently a Senior Visiting Fellow at the London School of Economics and former Minister of Economy and Finance of Peru.

Until recently, things seemed to be going well for Argentina's President Javier Milei. In October, his party won the midterm elections in a contest many polls predicted would swing the other way. Since then, he passed an important labor reform, poverty fell to its lowest level since 2018, and the economy is expected to grow around 4 percent this year. Yet suddenly, a few warning signs began to flash. One poll showed a substantial drop in Milei's popularity. Another, by Poliarquía, recorded the sharpest single month drop in public optimism of his presidency to date. Today on the podcast: What's affecting Milei's numbers? What does the broader political landscape look like? And what does that mean for public sentiment around the Argentine economy? Our guest is Alejandro Catterberg, president and co-founder of Poliarquía Consultores. 

Nearly three months after the fall of Nicolás Maduro, Delcy Rodríguez is still standing as interim president of Venezuela. The broad feeling, at least for now, is that Rodríguez and the chavista regime are not going anywhere. Since she took office on January 5th, Rodríguez has signed an amnesty law, reformed the hydrocarbon law, and restored diplomatic relations with the U.S. for the first time since 2019. Yet she has done this while keeping most of the chavista regime entrenched in power. Diosdado Cabello remains her Interior Minister, her brother, Jorge Rodríguez, runs the National Assembly, and the new Defense Minister is the former head of Venezuela's feared intelligence service, accused of overseeing torture and human rights abuses. What do her actions ultimately mean for the future of Venezuela? Our guest is Juan Forero, Bureau Chief for South America at the Wall Street Journal.  

After seven years covering Latin America for the Financial Times, and a previous post in the 1990s, Michael Stott is leaving the region as an optimist. His argument: that Latin America's strengths have been systematically underappreciated, and that in an increasingly dangerous and unstable world, what the region has going for it is about to matter more than it has in the past. In this episode, we take stock of the unique moment across the hemisphere: the tightening race between Luiz Inácio Lula da Silva and Flavio Bolsonaro ahead of Brazil's October election, the fragmented right in Colombia and the outlook for their presidential election in May, the uncertain futures of Cuba and Venezuela, and how this White House is likely to continue influencing events in years to come. Our guest is Michael Stott, now the South Asia bureau chief for the Financial Times.  

For 67 years, many people have been waiting for change in Cuba — and for 67 years, the communist regime has endured. It survived the fall of the Soviet Union, the death of Fidel Castro, economic sanctions, and political pressure from 13 different U.S. presidents. But the Trump Administration, fresh off its military operation in Venezuela, is now applying unprecedented economic pressure on the island, effectively cutting off its oil supply, and pushing basic services to the point of collapse. This follows years of a deepening crisis that has driven as much as a fifth of Cuba’s population to leave since 2020. Is this the moment when change might finally come to Cuba? Our guest is Patrick Oppmann, Havana bureau chief for CNN.

When Rodrigo Paz was inaugurated in early November 2025, he vowed to implement “capitalism for all.” He inherited an economy in rough shape after 20 years of rule by the MAS party: Inflation was above 20%, foreign currency reserves were nearly exhausted, and fuel lines stretched for blocks. In many ways, Bolivia was also isolated in its relationships abroad, aligned more with Russia and Venezuela than with its South American neighbors or the United States. Now, almost 100 days into his new government, President Paz has had mixed success in pushing through early changes. So, what's next for Bolivia? And in a country with a long history of instability, what are the odds of Paz maintaining power and successfully getting his agenda passed?

Our guest is Gabriela Keseberg Dávalos, a Bolivian strategic policy adviser. Gabriela has previously served as Senior Foreign Policy Adviser to the Vice-President of the European Parliament for Human Rights and Democracy, and as Director of Global Public Affairs for a network of think tanks.

Latin America has been at the center of the world’s attention in 2026—and not only because of Venezuela. This week, we take a step back to understand the current moment and its implications for the region’s long-term outlook, from the U.S. military operation in Venezuela, to the future of USMCA, and upcoming elections in Peru, Colombia, and Brazil. What do recent events mean for Latin America’s political and economic future?

Our guest is Michael Reid, journalist, author and former Latin America editor for The Economist. 

The fate of Venezuela hinges on the country’s once-proud energy sector. Since Maduro’s capture two weeks ago, questions about how the industry could be recovered have become critically important: What’s the real state of the Venezuelan oil industry today? Under what conditions might U.S. companies be able to deliver on the $100 billion in investment that President Trump says is needed? Can the interim government of Delcy Rodríguez deliver those conditions? Today on the podcast, we take a realistic look at what political and economic steps are necessary for the Venezuelan oil industry to begin its long recovery. Our guest is Luis Pacheco, a nonresident fellow at Rice University's Baker Institute for Public Policy and former president of the ad hoc PDVSA board.

The capture of Nicolás Maduro in Venezuela was one of the most dramatic developments in U.S.-Latin America relations in more than 30 years. In Venezuela, a country that has suffered for more than a decade from repression, economic depression and an exodus of more than 8 million people, it opened the door for change. Yet, days after the arrest, the Chavista government is still in charge, led by Maduro’s former vice president Delcy Rodríguez. The Chavista regime has been a master at appearing to negotiate while stalling and hoping for their counterparts to lose focus or support. Will President Trump be able to influence Rodríguez, and the remaining Venezuelan power structure, in the manner he claims possible? What leverage does he have in Caracas?  

In this episode, we speak with Andrés Martínez-Fernández, Senior Policy Analyst at the Heritage Foundation’s Allison Center for National Security, about what’s next for Venezuela and the impact it will have on other countries in the region, such as Colombia, Mexico, and Cuba.

Despite trade tensions and political uncertainty, 2025 was not a bad year for Latin America's economies, with growth of around 2.4 percent, broadly in line with post-pandemic trends. In this episode we look ahead to 2026 and analyze the outlook for the region, from fiscal pressures and a pivotal election in Brazil to uncertainty around Argentina’s recovery under Javier Milei and the evolving trade relationship between Mexico and the United States. To unpack which countries and sectors look strongest, and where the biggest risks lie, we’re joined by Nur Cristiani, head of LATAM investment strategy at J.P. Morgan’s Private Bank.