Colombia ’s ugly “Truth Budget” puts fiscal risks in focus
The big revisions to Colombia’s fiscal projections reflect the previous government’s fiscal slippage and imply an even larger squeeze is needed to stop the public debt-to-GDP ratio from rising. And it’s difficult to see the de la Espriella administration pushing through that scale of austerity. The upshot is that the sharp decline in the risk premium on Colombian assets caused by his election victory may unwind.
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