Two elections, different outcomes, different headlines at the Wall Street Journal (6/6/11).
When the left loses:
Portugal on Sunday voted decisively to end six years of leftist rule, electing the country’s main conservative party and boosting prospects for austerity measures tied to a $114 billion aid package from the EU and IMF.
But when the left wins:
Voters in one of the world’s most dynamic economies went to the polls Sunday to choose between two divisive presidential candidates.
The latter piece included this: “Financial markets, which have been riding a roller coaster during the long campaign, would be almost certain to take a win by Mr. Humala badly, analysts say.”
That analysis wasn’t confined to Rupert Murdoch’s Wall Street Journal. In today’s Washington Post (6/7/11):
Peru’s Path Is Question Mark as Nationalist Wins Presidential Race
Investors worry whether he will pursue leftist economic policies
And the Los Angeles Times (6/7/11):
Leftist’s Victory Rattles Peruvian Stock Market
After his narrow win, Ollanta Humala seeks to reassure the business class, but his previous pledge to work for better distribution of the nation’s silver and gold wealth sends the market down more than 12 percent.
Viewing elections through the eyes of the investor class might be helpful for some, but it’s doubtful that it’s a great way to understand what the people in any country are thinking.