Funes Still Favourite

Results from the January 18 2009 municipal and legislative elections in El Salvador were something of a mixed bag, with both major parties claiming victory. The incumbent Alianza Republicana Nacionalista (ARENA) secured the country's capital, San Salvador. However, the opposition party - Frente Farabundo Martí para la Liberación Nacional (FMLN) - won more seats in congress. Despite the closeness of the results, our core view remains that FMLN candidate Mauricio Funes will be victorious in March's presidential elections ahead of ARENA candidate Rodrigo Avila, although we acknowledge that the race could go down to the

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