How are foreign diplomas seen in your country?

Here in Brazil anything European or North American is seen as prestigious and diplomas from other Latin American countries are seen with some suspicion, maybe with the exception of Argentina.

Honestly I find it a little dumb, even though higher education is on better on average in Europe and North America, a prestigious Latin American university is often considerably better than a mediocre one from those places.

Is this feeling also present in the rest of LATAM? How are Brazilian diplomas seen in your country?