Weekly Report - 17 November 2016 (WR-16-45)

It took six weeks of crisis talks but El Salvador’s polarised political parties finally struck a fiscal pact on 10 November which lays to rest the fear of a default – for now. The ruling left-wing Frente Farabundo Martí para la Liberación Nacional (FMLN) and the main opposition party, the right-wing Alianza Republicana Nacionalista (Arena), had traded diatribes but little in the way of proposals. The FMLN has been pushing for the approval of a US$1.2bn bond emission; Arena eventually granted less than half of this amount (US$550m).

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