The meltdown in Latin America continues to take its toll much farther afield. Case in point: Spanish companies, which are feeling an ongoing pinch from their investments in the region. As if Argentina's collapse and Uruguay's wobbles were not worrying enough, some of Spain's biggest names are also taking a clobbering because of their exposure to Brazil. Over the past 10 years, Spanish firms have poured more than €50 billion in Brazil — double the amount invested in Argentina — particularly across the telecom, banking and energy sectors. But the Brazilian real has gone into a downward spiral — the currency...

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