The rebels also made claims of fighting inside Hama city itself, with international analysts wondering if the army was redeployed towards Homs and Latakia.

"The borrowing went for investments that proved unproductive," said Oscar Ugarteche, a Peruvian international financial analyst.

The law, which set rigorous standards for fair campaign and election procedures, was hailed by international analysts as a major step toward democratization.

Mexican stocks rose most sharply in August, Mr. Dennis said, after the nation's second-quarter growth was reported at 3.8 percent, well above the expectations of local and international analysts.

Leon Brand, an international analyst at Merrill Lynch Economics, said he expected the American stock market to move higher in coming months.

Leon C. Brand, an international analyst at Merrill Lynch Economics, believes the American market is now the place to go.

Local and international analysts have generally praised the terms of the agreement, believing that it will restore confidence in Mexico's financial markets.

This approach has left some international political analysts frustrated by the country's ambivalence, its maddening, multi-level bureaucracy, its corruption and its lack of a reliable legal system.

Reports from international analysts are blistering.

Other international analysts have expressed concern about a resurgence of dangerous "energy nationalism."