The problem is that, again, this source of moral hazard is not a significant factor in Latin America. The simple fact is that rescue operations of past years stopped the countries’ downfall, led to fast recovery, and were quickly repaid. Nobody was bailed out from high risk.
Rather, the rescue packages eliminated an unnecessary risk (the liquidity risk), yielding an enormous benefit to countries and to the whole region. I grant you that there is the risk that such operations may not always work as anticipated.