Quico says: We've been hearing a lot about this "Bono del Sur" thing. Confused? Here's how it works:
![](http://1.bp.blogspot.com/_iHLs_Wf3Ohs/Renv8RZ43LI/AAAAAAAAALc/_FVUZwF3rpY/s400/Bono+del+Sur.001.jpg)
![](http://1.bp.blogspot.com/_iHLs_Wf3Ohs/RenvuRZ43GI/AAAAAAAAAK0/g1atvwRXlRI/s400/Bono+del+Sur.002.jpg)
![](http://2.bp.blogspot.com/_iHLs_Wf3Ohs/RenvuhZ43HI/AAAAAAAAAK8/Ul5zPagi_nw/s400/Bono+del+Sur.003.jpg)
![](http://1.bp.blogspot.com/_iHLs_Wf3Ohs/RevYRxZ43MI/AAAAAAAAAL8/wKp1Jo1g7tQ/s400/Bono+del+Sur.004.jpg)
![](http://2.bp.blogspot.com/_iHLs_Wf3Ohs/RenvuhZ43JI/AAAAAAAAALM/RI3-diZzceY/s400/Bono+del+Sur.005.jpg)
![](http://3.bp.blogspot.com/_iHLs_Wf3Ohs/RenvuxZ43KI/AAAAAAAAALU/ZtlrmPjxgR8/s400/Bono+del+Sur.006.jpg)
Basically, the Bono del Sur is a massive give away, a great big piñata. Is it any wonder there was a mad rush to buy them up? That people demanded nine times as many bonds as were on offer?
Just like beef - and for the same reasons - these Windfall Vouchers ended up having to be rationed. Now, ask yourself this: what kind of investor was well positioned to snap them up? Boligarchs with close ties to the ruling clique? Or those on record as dissidents?