Peru approves reform for early vote

Bloomberg

Peru’s congress approved a constitutional reform to hold early presidential elections in a second bid to alleviate a political crisis that’s seen widespread unrest since former President Pedro Castillo was removed from office December 7.
The reform passed by a two-thirds majority calls for early elections in April 2024, shortening the term of Castillo’s
successor, Dina Boluarte, to July 2024. The reform will require another vote of approval by a two-thirds majority in the next legislative period. The current period ends on January 31, 2023.
Boluarte, Castillo’s vice president who was sworn-in by congress, has repeatedly called for early elections along with substantial reforms to find a way out of the country’s political quagmire. She’s ruled out resigning, saying it won’t solve the crisis.

Stalled Recovery
Peru’s dollar bonds dropped during Asian trading, extending their decline for the sixth straight day. Notes due 2031 were indicated 0.1 cents lower at 83.26 on the dollar. The sol has remained resilient, rising 0.7% this month.
Congress initially voted on the proposal, but the single-chamber parliament failed to reach the necessary threshold. Lawmakers approved re-evaluating the proposal and later in the day, 93 lawmakers voted in favor of holding early elections with 30 voting against and one abstaining.
The government declared a 30-day nationwide state of emergency in an attempt to restore order, clear roads and reopen highways. At least 26 people have died in clashes with police.