Colombia’s Santos Rushes to Save Peace Talks After ’No’ Vote
- Unexpected outcome triggers sell off in bonds and the peso
- Former President Uribe’s party campaigned against the deal
Colombian Voters Reject Peace Accord With No Plan B
Colombian President Juan Manuel Santos is scrambling to salvage the nation’s peace process, sending his negotiating team back to Cuba and calling for meetings with political opponents, after voters rejected his government’s deal with Marxist rebels by a wafer-thin margin.
On Sunday, Colombians rejected an agreement between the government and the FARC by a 50.2 percent to 49.8 percent margin, just six days after Santos signed the accord to end the conflict in front of regional heads of state. Turnout was 37 percent and only 54,000 votes separated the two sides. The surprise result triggered a sell off in Colombian bonds and the peso, as investors bet that a weakened Santos will find it harder to pass tax legislation needed to plug a hole in public finances.