II (40 points) Consider the following graph of sovereign (governmental) debt to Gross Domestic Product (GDP) ratios in Argentina, Brazil, and Chile respectively. Answer the questions on the following page. 110 100 Argentina 90 80 70 60 50 40 30 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Government Debt: % of Nominal GDP: Quarterly: Argentina SOURCE: WWW.CEICDATA.COM | CEIC Data 90 85 Brazil 80 75 70 65 60 55 50 2014 2015 2016 2017 2018 2019 2020 2021 2022 202 Government Debt: % of Nominal GDP: Quarterly: Brazil SOURCE: WWW.CEICDATA.COM | CEIC Data 45 40 Chile 35 30 25 20 15 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Government Debt: % of Nominal GDP: Quarterly: Chile SOURCE: WWW.CEICDATA.COM | CEIC Data2. (5 points) In your opinion. which country of the three seems most likely to default next? Defend your answer. 3. (10 points) Did Argentina and Brazil adopt the same policies to reduce their debt to income ratio following the Covid19 crisis from 1920 to 1922? Explain. 4. (20 points) What general economic policies - both monetary and fiscal would you recommend for any of the three countries in order to reduce its sovereign debt to GDP ratio in the future? List your policies