A business leader from a wealthy fruit-exporting dynasty, Daniel Noboa, held his lead over socialist candidate Luisa Gonzalez with more than 80% of votes tallied in Ecuador’s presidential runoff.
Noboa had 52.2%, compared to 47.8% for Gonzalez, with almost 82% of votes counted, according to results posted by the electoral authority on Sunday night.
The nation’s next leader takes office in December, and will run a caretaker government until new elections are scheduled in 2025. Whoever wins will need to try to restore stability to a nation besieged by cocaine cartels and political volatility.
The Andean nation’s bonds due 2035 are trading at 36 cents on the dollar, implying that traders see a high likelihood of a default.
Read More: Economic Model at Stake as Ecuador Votes for Next President
(Updates with vote count from first paragraph.)
