Ecuador Bonds Soar as Millionaire Banker Wins Presidency
- Guillermo Lasso, 65, will be sworn in as president next month
- His win is set to reassure bondholders on upholding IMF plan
Guillermo Lasso, left, celebrates with his family and supporters in Guayaquil, Ecuador, on April 11.
Photographer: Vicho Gaibor/Bloomberg
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Ecuadorean bonds rallied after career banker Guillermo Lasso won the presidential election with a late surge in support, calming investors who thought his opponent was likely to lead the default-prone country into insolvency once again.
Lasso beat out economist Andres Arauz, a left-wing protege of former President Rafael Correa, by a solid margin in Sunday’s runoff vote. Arauz, who conceded defeat, won February’s first round by 13 percentage points.