Needless to say, a victory of the most left-leaning factions of the party would be a significant defeat for Lula.
The market was probably expecting Lula to make a stronger statement, not just a simple apology. This speech will hardly calm down the opposition.
This is part of the give and take that we've seen in the past few months. The timing is a bit complicated for Washington as it comes when the U.S. is trying to figure out what to do with Iran.
This will have more political rather than economic ramifications.
Now, Chavez and his backers can do what they want. Congress used to serve as a check, and that's not going to be the case.
The opposition is not outside the process. They can't influence the process. The government, however, now has no one to blame for its policies.
Whilst the [bond] purchases are good news for the Argentine government, the benefits for Venezuela are less clear.
The market is more exuberant, spreads are at ridiculous levels but nobody cares because there is too much money and fundamental news continue to be very positive. That will remain in the short term.
The opposition tried to de-legitimize the vote.
Copyright © 2024 Electric Goat Media. All Rights Reserved.