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Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."

Exports from free-trade zones from January through October in 2016 were 52.9% higher than the same period in 2015.

"Our pick is Colombia, for making peace in 2016. This was a colossal achievement."

The decision was based on worries that Colombia's economic slowdown may now be a larger concern than inflation.

One sector Fitch sees having a tough year ahead is telecom, due to the pressure on credit profiles from low profits and free cash flow.

This time, Santos will send the agreement to Congress for ratification and skip the public vote.

"For anybody who wants to promote protection, I suggest they read an economic history of the 1930s," said Peruvian President Kuczynski.

The 5,000 peso note is already in use, and the 2,000 redesign will begin circulating on November 29.

The Colombian peso began depreciating in the lead up to the U.S. presidential election and took a big tumble today.

We know Donald Trump has won. What comes next for the global economy is anyone's guess.