Short $COLO?

Recently the Colombian market has started to rebound mainly due to peso strengthening against a weak dollar and inflows from emerging market investment. Recently the bank of colombia has taken large amounts of external debts at high interest rates artificially propping up the peso making Colombia one of the highest interest payers in dollars in the world relative to their exports. If you look at a 15 year chart comparing $COLO to ClW00(continuous crude oil) you see in 2015 it crashed 70% from the U.s starting to raise rates as well as crude oil prices crashing. If you look at the chart now you can see the huge divergence. I believe the Colombian president is artificially propping up the peso for his party because the election is in a few months as well as this year he raised minimum wage 22% to $550 a month. The economy is incredibly vulnerable with the Colombian bank rate at 9.5% and their inflation sticking at 5%, they will eventually be either forced raising interest rates driving out foreign investment with their unemployment rate already at 8-9% or printing their way out which is a bad idea since their external loans have high interest and their export industry is already struggling.