Take physic, pomp

Peru’s Finance Minister, Luis Miguel Castilla, explains the measures introduced by the Humala government this week

It’s a half hour interview video and it’s right here. Things to know:
  • You’ll need to be fluent in Spanish.
  • It’s a Q&A with the Peru State TV channel, which is permanently officialist in its stance so all questions are softball.
  • Even so and despite the glossing over of its errors and miscalculations that got us to today, it’s a very good overview of the measures the Peru government has brought in to tackle the country’s economic slowdown.
  • In a nutshell, the thrust and keyword from Castilla is now “countercyclical” which means he’s been listening to critics. Definitely late in arrival, but better late than never I suppose.
  • My stars, Castilla has put on weight recently. That dude needs to care more about his waistline.
  • Overall and with exceptions, Krugman would approve of these moves.
  • Not so very much for mining companies that hasn’t already been announced (the big guys get the tax breaks and stability clause renewal heralded earlier this month, the little fish get easier permitting which is now done online).

If you have the lingo down and are interested in the subject of Peru macro, the above link is highly recommended. Strip out the love-in language and there’s a lot of substance.

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