Time con spent in Latin America's not very much (7)

I believe the answer is:

centimo

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'latin america's not very much' is the definition.
I can't judge whether this definition defines the answer.

'time con spent' is the wordplay.
'spent' is an anagram indicator.
'time'+'con'='timecon'
'timecon' is an anagram of 'CENTIMO'.

'in' acts as a link.

Can you help me to learn more?

(Other definitions for centimo that I've seen before include "very little money" , "money abroad" , "Monetary unit of some Spanish-speaking countries" , "smallest in Peru" , "Small coin of some S. American countries" .)

I've seen this clue in The Independent.

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