Colombia Cabinet Shake-Up Vaults Petro Ally to Finance Post
- Peso slides as market-friendly finance minister is ousted
- Bonilla seen as less of an independent voice in administration
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Colombian investors are reeling from the ouster of the man who did more than anyone else to bolster their faith in the country under its first-ever leftist government: finance chief Jose Antonio Ocampo.
The sudden shuffle by President Gustavo Petro sank markets Thursday. The currency slid as much 3.4%, the yield on local peso bonds rose and dollar bonds extended declines for a second day. The cost to insure the nation’s debt against default rose, as did swaps.