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In the aftermath of Ollanta Humala’s June 5 victory in the Peruvian presidential election, the “investment community” and the international business press reacted with the hysteria of thieves who think they have heard a distant siren approaching. Their first impulse was to cut and run. Peruvian stocks plunged amid fears that this “radical leftist” would put an end to the “good times”, levelling higher taxes on mining profits and perhaps nationalising key export industries.

Peruvian stocks lost a record 12% of their value as local and global investors jettisoned mining shares after left-leaning nationalist Ollanta Humala won the second round of Peru's presidential elections on June 5. The multi-billion dollar plunge reflects the fear and hostility that “market forces” instinctively bear toward an expression of the popular will in “developing” resource-rich nations like Peru. Humala defeated the right-wing candidate Keiko Fujimori with 51.3% of the vote. Keiko is the daughter of jailed ex-dictator Alberto Fujimori.

Only days before Peru’s general elections on April 10, three protesters were killed and dozens injured by firearm-wielding police near the southern city of Arequipa. The protesters were taking part in a community uprising against the Tia Maria copper mine proposed by Mexican-based, US-funded Southern Copper. The company has one of the worst environmental track records of any mining company active in Peru. Fearing that the mine would irredeemably contaminate local water, the residents of Islay took to the streets, despite realising it would put their lives at risk.

Opinion polls are predicting that the likely winner of the April 10 Peruvian presidential election will be Alejandro Toledo. The candidate of Possible Peru, Toledo was the neoliberal president from 2001-06. After the narrow victory of the moderate left candidate Susana Villaran from Social Force in the Lima mayoral elections last year, it was predicted that the left’s prospects might improve nationally. So far this has failed to materialise, owing partly to a redoubled effort by the elite and its foreign backers to promote Toledo.

Peruvian President Alan Garcia, who last year ordered the brutal massacre of protesting Amazonian tribespeople, has once again resorted to violence — this time in person. Visiting Edgardo Rebagliati Hospital in Lima, on October 9, Garcia encountered 27-year-old Ricardo Galvez, who shouted “corrupt” at the president. Eyewitnesses say Garcia flew into an uncontrollable rage and forcefully struck the volunteer worker in the face. Members of Garcia’s entourage landed follow up blows, knocking a defenceless Galvez to the floor where he was subjected to further mistreatment.