Two factors involved in the currency/market recovery. First, euphoria, which won't last long. Second, the markets had already discounted based on the general expectation of an extended impeachment trial, a rigged acquittal, and an extended period of disorder. That shadow is now off, and the markets are adjusting accordingly.
Estrada was a ridiculous and incompetent twit, and deserved to be booted. We'll see what the successor can do: there are many deep-seated problems, and there is certainly not going to be any overnight change. In general, it should be a more professional and more pro-business administration, with somewhat less (or at least somewhat subtler) cronyism, which will be good. On the down side, the influence of the Church will be on the upswing.
We'll see.
Very little fallout here; a couple of days of demonstrations, some roads blocked, no big deal. Most of the action was in Manila, far away.
Que pasa? |
