International indebtedness turned into a severe

International indebtedness turned into a severe problem in late 1980s, and some countries, despite having strong democracies, have not yet developed political institutions capable of handling such crises without recurring to unorthodox economical policies, as most recently illustrated by Argentina's default in the early 21st century.[17] The last twenty years have seen an increased push towards regional integration, with the creation of uniquely South American institutions such as the Andean Community, Mercosur and Unasur. Notably, starting with the election of Hugo Chavez in Venezuela in 1998, the region experienced what has been termed a pink tide - the election of several leftist and center-left administrations to most countries of the area, except for the Guianas, Peru and Colombia.



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