Court rejects Uribe third-term bid

Colombian president accepts court's decision that denies him right to seek re-election.

    Uribe said he accepted the court's decision immediately after the announcement [AFP]
     

    The decision marks the start of a tough campaign among rivals seeking to replace Uribe, who after almost eight years in power became one of the country's most popular presidents for his US-backed campaign against leftist guerrillas.

    Monica Villamizar, Al Jazeera's correspondent in Bogota, said: "The main reasons for the referendum being ruled unconstitutional lay in technicalities. The court also cited irregularities over the referendum's financing."

    Possible successors

    Any successor in Latin America's fourth largest oil producer would be unlikely to diverge far from the president's security policies.

    Juan Manuel Santos, a former defence minister, closely associated with Uribe's security successes against Farc leftist guerrillas, led in most opinion polls when Uribe was not included as a candidate.

    Sergio Fajardo, an independent praised for his performance as mayor of the major city of Medellin, is also making ground, while another former defence minister and three-time candidate Noemi Sanin has recently gained in the polls behind him.

    During Uribe's presidency, Latin America's oldest insurgency has ebbed and foreign investment has flowed steadily into Colombia, a country once considered a byword for a violent, failed state.

    A political transition could unnerve the local peso currency and benchmark TES debt markets as investors absorb the change in command, but long-term, most analysts see continuity in Colombian stability.

    "While a constitutional court rejection may trigger a knee-jerk negative (peso) reaction, this is likely to be transitory as no major shift in economic, regulatory or security policy is expected," RBC Capital Markets said.

    SOURCE: Al Jazeera and agencies


    YOU MIGHT ALSO LIKE

    Cricket World Cup 2019 Quiz: How many runs can you score?

    Cricket World Cup 2019 Quiz: How many runs can you score?

    Pick your team and answer as many correct questions in three minutes.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Remembering Chernobyl

    Remembering Chernobyl

    The fallout from the Chernobyl nuclear power plant explosion remains as politicised as ever, 28 years on.