The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Garcia set for unlikely return

       
Alan Garcia

Six months ago, Peru might have been in bad shape, but at least the future looked bright.


It had gone through an electoral crisis, with president Alberto Fujimori blatantly rigging his way to an unconstitutional third term, but Fujimori was then exiled in Japan, and the prospects for free and fair elections in April seemed good. Now Peru looks in worse shape than ever.


There's now a strong possibility that the next president is going be Alan Garcia. Garcia needs no introduction to those who followed the worst excesses of Latin economies at the end of the 1980s. In his five-year term from 1985 to 1990, he reduced Peru to such a state of terrorist-plagued hyperinflation that Peruvians happily embraced Fujimori's authoritarian regime.


By the end of Garcia's term, inflation had reached 78% - in July alone. The figure for the year as a whole was 7,650%.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree