PERU: PM Resigns as Cabinet Reshuffle Fails to Appease Opposition Lawmakers
May-14 09:27
- President Boluarte announced a cabinet reshuffle late Tuesday, in an attempt to save Prime Minister Adrianzen one day before a no-confidence vote against him was scheduled. This followed growing criticism for failing to stop violence in a gold-rich area in northern Peru, and the recent kidnapping and murder of thirteen goldminers. Just days before they were found, the prime minister had called the workers' kidnapping "non-existent".
- Boluarte named various new ministers, including a new finance chief, with Raul Perez-Reyes replacing the outgoing Jose Salardi. The cabinet reshuffle just further emboldened congressional groups to insist on ousting the Prime Minister, and his resignation followed shortly after, which he announced in a nationwide address.
- Interestingly, the new finance minister will now have to resign, and it will be up to President Boluarte to reappoint him following the announcement of a new PM. As rumours circulated of the potential removal of now-former Finance Minister Jose Salardi, the heads of Peru’s top business groups released a statement in support of his policies.
- Boluarte’s popularity rating reached a record low of 2% in an Ipsos poll published this week. Elections are not scheduled until April 2026.
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EQUITIES: Estoxx put Spread
Apr-14 09:22
SX7E (17th Apr) 170/165ps, bought for 1.35 in 6k vs ~1.1k at 167.00.
EURIBOR: EURIBOR FIX - 14/04/25
Apr-14 09:20
EURIBOR FIX - EMMI/Bloomberg
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SPAIN: Econ Min To Meet w/US' Bessent Amid Rift Over China-BBG
Apr-14 09:17
Bloomberg reports that Economy Minister Carlos Cuerpo is set to hold a meeting with US Treasury Secretary Scott Bessent on 15 April amid an somewhat frosty diplomatic atmosphere between Madrid and Washington, D.C. Cuerpo has said that the meeting is taking place as part of usual relations between the two countries, with tariff policy conducted at the EU level by Commissioner Maros Sefcovic.
- However, of all the major EU economies, Spain has been seen as the one most inclined to push for closer EU-China relations in recent years. Indeed, PM Pedro Sanchez was in Beijing last week for talks with President Xi Jinping amid the flurry of tariff announcements from the White House.
- Meanwhile, speaking at a conference of the American Bankers' Association last week, Bessent said, "I’m not sure if the Prime Minister or Spain’s Economy Minister made some comments this morning [suggesting] that everyone, well, we should align more with China. That would be cutting their own throats because I can tell you that the U.S. tariff wall will keep things out,"
- Agriculture Minister Luis Planas attempted to downplay Bessent's comments, saying they were made at an event rather than a formal policy speech. Planas: “We have excellent trade relations with China, which we clearly intend not only to continue but to expand. This is not contradictory on Spain’s part or the EU’s. Expanding trade relations with a partner as important as China does not come at anyone’s expense, but everyone must draw their own conclusions on this matter,”
