The global financial crisis has been catalogued as one of the worst economical recessions since the Great Depression in 1930’s. The history in Latin America has shown that the region has been turbulent in respect of economic crisis. They were three main channels, which are divided in contagion and/or interdepended to Latin America; first the remittances saw a drop, the smallest countries like the Central Americans countries were the most affected by this channel. The second channel was in the export with the freeze in the international trade market. And the third channel was the financial shock with global finances and credit constraint. For the seven biggest economies; Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela; the second and third channel were the ones that most affected them. There is not proof that within the region toxic assets were acquired; this is the main raison that we have take macroeconomics variables to measure the impact of the crisis. Thanks to the propitious economic circumstances in the past years made Latin American countries had a great economic growth, this helped them to grow their international reserves and have a healthier fiscal system. Those two tools were fundamental to fight against the crisis with counter cyclical policies. Also most of the countries have started to diversify they exports to other regions, focusing more in Asia especially the gigantic Republic Peoples of China. Some countries apply this strategy more aggressively than others, and as a result they bounced back quicker than other countries. It has been said, that this kind of economic depressions only happens once every one hundred years. Latin America suffered as the entire world did, but they were better prepare and their strategies worked to reactivate their local economies. Some countries have been economically performing better and have kept their inflation and unemployment rates at the same level as before the crisis started.