Colombia markets rise in wake of government defeat in local elections
© Reuters. FILE PHOTO: An employee counts Colombian pesos in an exchange house, in Bogota, Colombia July 11, 2022. REUTERS/Luisa GomzalezBOGOTA - Colombian markets rose on Monday, pushed higher on the view that the defeat of President Gustavo Petro's coalition in regional elections would dampen political capital for pushing a number of controversial reforms through Congress.
He has been beset by challenges, including the breakdown of the government's coalition in Congress and the loss of several close allies over investigations into alleged influence peddling and abuses of power, while his eldest son will face trial for alleged crimes of illicit enrichment and money laundering.
Petro is pushing a raft of reforms through Congress, concerning pensions, health, and labor, which have caused uncertainty among business owners and investors.
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