Colombia
Colombia’s runoff pits Petro ally Iván Cepeda against right-wing outsider Alfredo de la Espriella in a race shaped by security, debt, oil dependence, Ecopetrol, and the country’s U.S.–China tilt.
Spain
Yet, while this mounting turmoil threatens Madrid's domestic stability, Spain's foundational foreign direct investment relationship with Latin America remains anchored by long-term corporate interests and is unlikely to weaken.
Peru
Peru’s election risk is elevated, but the sovereign-credit signal remains contained. Fujimori’s narrow lead gives Peru a near-term legitimacy test.