Give us a sense for those folks who don't follow Peruvian politics very
closely here. We knew that to see you was in trouble,
at least in terms of the impeachment proceedings.
But what exactly did he try to do earlier today?
I mean, this is a really good, great question because he was facing this
impeachment vote. And I guess, you know, he saw himself
losing that vote. And that's why he made this desperate
attempt to dissolve Congress. The dissolution of Congress is an option
that the Peruvian president has in the Constitution.
But there has to be a few steps before doing that.
And clearly, those steps were unfulfilled when he announces this and
he announces there's not only these, you know, reshuffle of cards.
Clearly, this was an attempted coup. But quickly he realized that he didn't
have any kind of support, obviously not from Congress, not from the Army, not
from the police. Even his own cabinet resigned very
quickly, denouncing the move. So it's very hard to think what, you
know, he was trying to do, because clearly he didn't do the steps necessary
to take the decision of this magnitude. Right now, he is detained by police and
probably he's going to be prosecuted on an even end up in jail.
So clearly a desperate move. That didn't work out.
So an attempted coup. The old president is out.
We already have the new president sworn in.
But where does this leave the state of politics in Peru?
Yeah, as you said in the intro, you know, put Peruvian politics is as
volatile as as politics can get. Right.
We have a new president out there. She is the sixth president that Peru has
since 2018. Right.
So she in theory, she was Castillo's vice president.
She needs to fulfill the other three years and a half remaining in the term.
And that's going to be a tall order. Right.
That's going to be very hard, because even though she is, you know, a fresher
phrase than Castillo. The relationship between Congress and
the president in Peru has always been very complicated.
This is a unique, calm, unicameral legislate to that makes, you know,
constitutional confrontation very easy. So her is her first step now is to
appoint a credible cabinet. I think if he if she appoints a credible
cabinet that you can work with Congress, that could be that for her to try to
stabilize the situation. Talk to us a year about economic
conditions there in Peru. I mean, despite a lot of the political
volatility overnight, really in the last couple decades, it actually had been
attracting a lot of attention by foreign investors.
There had been some degree of economic stability amidst the political
instability. And I'm wondering if that still holds.
I will say less and less, right? I mean, that was true during the 90s and
the first part of the ascent century, but you know, as political conditions
deteriorate, so much is very hard to get any kind of regulatory framework.
For instance. Right.
For the several industries that Peru had.
So and then obviously, the economy is just recovering from the pandemic.
It hit the country very hard. One of the, you know, most badly hurt
countries in the world. So the economy is barely growing, right.
Who doesn't have a big debt burden? That's a positive.
But inflation is quite high. ISE in other parts of the region.
And, you know, that leaves not a lot of space that Peru these Peru is not
growing at the 6, 7 percent rates that we saw earlier in the century.
The growth is much less. And you know, this social pressure are
much higher. So, you know, things are getting a bit
more complicated and politics is translated into that business climate in
the country.