06-2021 Latin American Economy & Business
Economy & Business Report
Colombia loses investment grade with S&P
If there were any remaining doubt about President Nayib Bukele’s commitment to democratic norms in El Salvador they were removed on 1 May. The very first move legislators from his personalist political party Nuevas Ideas (NI) made upon taking their seats on 1 May was to use their commanding two-thirds majority to summarily dismiss the whole of the constitutional chamber of the supreme court (CSJ) and the attorney general that had held his government to task. Bukele batted away the widespread censure from the international community that ensued. He insisted that he was merely doing the bidding of ‘the people’ who overwhelmingly voted for NI. Bukele now reigns supreme, with no checks on his power.
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