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https://ca.finance.yahoo.com/news/touchstone-announces-second-quarter-2021-060000138.html
Peru elections: Pedro Castillo declares himself the winner
By Simona Lazzari -June 9, 2021057
Elections Peru:
The elections in Peru still do not have a certain result. The candidate of the left party, Pedro Castillo, however, declared himself the winner, while the right-wing candidate, Keiko Fujimori, denounced a series of electoral fraud. However, several international observers reported that the voting operations took place regularly.
Peru elections: what happened?
With 99% of the ballots scrutinized, Pedro Castillo, the presidential election candidate in Peru for the left-wing “Peru Libre” party, declared himself the winner. The count is not yet finished and the result is still uncertain. However, according to partial data Castillo got 50.2% while his challenger Keiko Fujimori, the leader of the right-wing populist party “Forza Popolare”, is still at 49.8%. Castillo obtained 8,725,105 votes against the 8,641,394 obtained by Fujimori: a difference of about 84 thousand votes.
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Fujimori denounces fraud
Castillo told his supporters he will form a government respectful of democracy and the Constitution. He also said that his will be a government of financial and economic stability. Fujimori, however, does not give up on defeat and denounces electoral fraud. The right-wing candidate denounced a series of unfounded irregularities, without providing evidence to support her thesis. Many Fujimori supporters took to the streets to protest the outcome of the vote. Fernando Tavera, a pro-Fujimori protester, said: “ We are protesting the flagrant election theft. The electoral office is playing in favor of Mr. Castillo, they are trying to commit a fraud in his favor ”.
Castillo supporters also flocked to the electoral office to express their support in the counter-protests. Both series of demonstrations were peaceful. Several international observers reported that voting operations took place on a regular basis, pointing out that no fraud was observed.
What happened to the Peru Stock Exchange?
Markets in Peru faltered for a second day, after coming down hard Monday on expectation that Castillo would win. The stock exchange in Peru fell 0.74%, although the local currency, the Sol, strengthened by 0.33%. Goldman Sachs said that if Castillo wins, investors will look to see if he will try to calm the country after the split election and what his first messages will be on the direction of economic policy and investment prospects. Castillo promised to reformulate the Constitution to strengthen the role of the state and take a larger share of the profits from mining companies.
https://www.bloomberg.com/opinion/articles/2021-06-08/peru-stocks-slumping-on-castillo-may-prove-buying-opportunity?fbclid=IwAR0EAAD5_f4UU2pWlKSCGDCsdTeEdTaDqxHGbTwO3wpE7POIhtWXsyGGjh0 QUOTE FROM ABOVE POST***. This was one of the most brutal selloffs the Peruvian stock market has seen in decades. Outside of a few of the worst days of the pandemic last year, we need to go all the way back to June 2011 for a worse day, when Lima’s stock exchange fell more than 11%. The only snag is that the plunge was caused by the election as president of another populist left-winger, Ollanta Humala. That selloff proved to be a buying opportunity; within a month the market had rebounded by 20%. Humala didn’t do much to deal with Peru’s intractable problems while in office, but he didn’t impede steady economic growth either. His arrival was even more unwelcome to the stock market than the appearance of the novel coronavirus, but he turned out to be far less damaging:
....But at least Peru has managed to grow its economy persistently over the last 40 years, and it has done so despite politics that seem to come straight from the pages of a magical realist novel (indeed, in 1990 the country nearly elected Mario Vargas Llosa, a magical realist novelist and great admirer of Margaret Thatcher, as its president). Humala served for five years. Since the last presidential election, in 2016, Peru has had four presidents, plus another acting one. It also witnessed the suicide of a two-time former president as he was about to be arrested. And despite this basket-case, failed-state political record, Peru has enjoyed the stablest economy in the region. Taking GDP as a criterion, it emerged from the Maoist insurgency and hyperinflation of the 1980s to produce growth that far outstripped the world and the U.S. Meanwhile, Mexico (which started from a higher base) has conspicuously lagged the rest of the world:
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