and Princeton-educated economist with a permanent laid-back smile, has worked at the World Bank and the International Monetary Fund, as well as at Peru's Energy and Mines Ministry and two stints as economy minister. He leaves the Economy Ministry the day after Peru wrapped up early payment of $1.55 billion of debt to the Paris Club of creditor nations, the highlight of his plan to make Peru's debt load more bearable. One of the first tasks for Toledo and his new ministers will be to welcome U.S. Defense Secretary Donald Rumsfeld, who visits the world's No. 2 cocaine producer this week. Although markets saw the governmental crisis as business as usual in Peru, where a string of ministers have quit in corruption scandals, last week's debacle slashed Toledo's approval rating to just 8 percent just as the government is grappling to keep a lid on fast-rising spending and simmering social protests. Toledo cannot run in elections next April and hands over power in July. The presidential race remains wide open.
