President Petro accuses JP Morgan of ‘financially cornering’ the country

In the midst of the commemoration of the eight years since the signing of the peace agreement between the Colombian State and the extinct Revolutionary Armed Forces of Colombia (Farc-EP), the President Gustavo Petro made strong accusations against the American investment bank JP Morgan.

During his speech, the head of state accused this financial entity of making a “premeditated financial cornering” to the country economy and that he would be seeking to reduce his credit rating due to the position he has had regarding the armed conflict involving Israel and Hamas and its consequences in Palestine.

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“They are looking for ways to lower our rating at any cost and they do it because of my position regarding Palestine.“, mentioned the first president from the Plaza de Bolívar, in Bogotá.

It is worth mentioning that Petro was one of the world leaders who stated that he was in favor of the international arrest warrant against the Prime Minister of Israel, Benjamin Netanyahubroadcast this Wednesday by the International Criminal Court (ICC).

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“This is the logical thing. Netanyahu is a genocide. The court of justice of the world says so and its ruling must be followed“wrote the president in his X account.

JP Morgan had expressed skepticism in recent days about the country’s ability to return to the pre-pandemic fiscal deficit level, which stood at 3% of gross domestic product. projecting a deficit of 5.7% by the end of this year and with a slight drop to 5.4% in 2025.

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Likewise, the financial firm indicated that The country’s rating is close to falling to the “junk” category if S&P decides to move it from BB+ to BBB-, with a negative outlookas a result of risks such as “weak investment and growth prospects” and a potential increase in the fiscal or current account deficit.

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