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more context needed -- sentences before & after the one you cited. But probably yes, they are "revising" his importance ... minimizing it -- making him appear less important. But this would really depend on knowing more context.
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5 mins confidence: peer agreement (net): +3
(estaban) ahora desvalorizando/desmereciendo (su importancia)
Explanation: una versión
Christine Walsh Local time: 08:54 Specializes in field Native speaker of: English, Spanish PRO pts in category: 222