Ollanta Humala campaigned for Peru’s presidency in 2006 wearing red T-shirts and expressing admiration for Venezuelan socialist leader Hugo Chavez . This year, he’s donning business suits and vowing to expand ties with investor-favorite Brazil.
The U.S. immigration reform proposals put forward by President Barack Obama and the Senate’s “Gang of Eight” are a step in the right direction. But they miss the lesson of experience: The future matters just as much as the present.
Peru’s business community reacted to Ollanta Humala’s election as president in June by dumping mining stocks, triggering the biggest plunge in Lima’s bourse in two decades. Now the one-time ally of Venezuela’s Hugo Chavez may be their best bet for defending $50 billion in mining investment.
The race to be Peru’s next president has narrowed to a supporter of greater state control over the economy who once led an army uprising and the daughter of a former leader imprisoned for human-rights abuses.