Colombian President Petro shakes up cabinet, causing market turbulence.

Colombian President Gustavo Petro has called for his entire Cabinet to resign and announced that three parties will leave his governing coalition. The reshuffle follows Petro’s frustration with the way Congress has handled his proposed health care reform. The departure of Finance Minister José Antonio Ocampo is likely to make markets especially nervous. The rupture of the coalition with traditional and more moderate parties will hurt the administration’s political leverage and governability. Petro’s government will be far less willing to incorporate moderate public policy proposals.