Argentina and Brazil Take Steps to Get Economies under Control Brazil Addresses Foreign Debt; Argentine Inflation Down to 2.6%

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SOUTH America's two largest economies aren't yet dancing the samba. Times are still hard in Brazil and Argentina. But recent news and statistics hint that the economic beat could be picking up.

In Argentina, inflation has come down significantly. It was 2.6 percent in July. That's a month-to-month rate, not an annual rate. Nonetheless, it is the lowest since President Carlos Saul Menem took office in July 1989. Economists say prices may rise only 1.5 percent this month.

Further, Argentina came to an agreement on an economic-reform package with the International Monetary Fund (IMF) in late June. As a result, it has begun to receive part of a $1 billion standby …