Monday, May 26, 2014

Investor Watch: Colombia's Presidential Election

On Sunday Colombian voters cast their ballots and Oscar Ivan Zuluaga, a harsh critic of the country's current efforts to engage in peace talks with rebel fighters won a plurality of the votes. Zuluaga will face incumbent President Juan Manuel Santos in a run-off election in June.

The New York Times William Neuman explained, "The results revealed the weakness of President Juan Manuel Santos, who came in second and was seeking a new term, he told voters, to continue the peace talks he started and to put an end to five decades of guerrilla war."

"Colombians will have two options, between those who prefer an end to the war and those who want a war without end," Mr. Santos said.

Santos received 25 percent of the votes cast while Zuluaga received 29 percent. A majority vote is required to win the presidency in Colombia so a run-off election will be held on June 25.

According to Bloomberg, "Former Finance Minister Zuluaga has repeatedly attacked the government's negotiations with the Revolutionary Armed Forces of Colombia, or FARC, demanding that the guerrillas declare a unilateral cease-fire and serve at least six years in jail. "

Leticia - Port road Colombia's upcoming presidential run-off will impact the country's peace talks with rebels. (Photo credit: adrimcm)

Alejo Vargas, professor of political science from Bogota, Colombia's capital explained, "Zuluaga's triumph shows there's an important part of society that doesn't back the Havana talks."

Zuluaga, for his part, has promised to suspend peace talks and engage in "a full-frontal assault on terrorism."

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