Colombia’s Fiscal Crisis Is Deepening Under President Petro

The finances of Latin America’s fourth-largest economy, Colombia, are in total disarray. Nearly four years of fiscal mismanagement by Colombia’s first elected leftist leader, President Gustavo Petro, sparked fears of a financial crisis engulfing the strife-torn Andean nation. A combination of dwindling tax revenue and excessive spending is rapidly depleting Bogota’s coffers. Even Petro’s tax hikes, which took on a worrying sense of regularity, did little to salvage government finances while sharply impacting economically…