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Peru's elite in panic at prospect of hard-left victory in presidential election
By Michael Stott
Financial Times, London
Tuesday, June 1, 2021
Ravaged by one of the world's worst coronavirus outbreaks, wracked by political turmoil, scarred by corruption scandals and blighted by worsening poverty, Peru will choose its fourth president in under a year on June 6.
Described by many observers as a choice between the lesser of two evils, the second-round run-off election pits Pedro Castillo, a rural primary school teacher turned hard-left populist, against Keiko Fujimori, the widely disliked scion of an authoritarian president who ruled in the 1990s.
... Dispatch continues below ...
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Panic has seized the Peruvian elite at the prospect of a win by Castillo, whose political party Free Peru is led by a Marxist advocating widespread nationalisation, higher taxes, a new "people's constitution" and import substitution policies in the world's No. 2 copper producer.
"Would you like to live in Cuba or Venezuela?" ask electronic billboards along a main highway in Lima, in a reference to Castillo. The sol fell to a historic low of 3.85 to the dollar last Wednesday as wealthier Peruvians rushed to dump the national currency and move their savings abroad.
"I have not seen capital flight this bad here in two decades," one leading business figure told the Financial Times. ...
... For the remainder of the report:
https://www.ft.com/content/bddb1bec-1c26-43d7-b465-08ad035169b8
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