Peru elects Humala

Peru has elected a new president. Olianta Humala defeated Keiko Fujimori in a run-off election Monday.

Humala has been compared with Hugo Chavez of Venezuela for his dedication to defeating poverty and combating inequality. But he says he has no plans to nationalize industries like Chavez did. A move that scared American investors away from the oil rich nation.

There are signs that investors in Peru fear the same fate. The Peruvian stock exchange fell over 10% as soon as the results came in. Humala officially takes over from outgoing president Alan Garcia on July 28th.