Chilean Assets Slump as Government Suffers Crushing Vote Defeat
Bloomberg 2 hrs ago Eduardo Thomson and Valentina Fuentes
(Bloomberg) Chilean assets plunged after the ruling coalition suffered a crushing electoral defeat that placed the writing of a new constitution largely in the hands of left-wing parties.
The benchmark stock exchange tumbled 7%, while the peso cratered as much as 2.9% to 720 per dollar, on track for the biggest decline since November 2019 when a series of protests wracked the country. Chile’s dollar bonds due in 2031 dropped to a two-month low.
Candidates from the ruling coalition obtained just 37 of 155 seats on the assembly designed to write a new constitution, according to data consultancy firm Unholster, far less than expected. Contenders unaffiliated with any political parties secured 65 seats. The result deprived the right of the one-third threshold they needed to reach to veto clauses in the new charter.
Vaccine Gains Bring a Despised President Back From the Brink Bloomberg 3/9/2021 Valentina Fuentes and Matthew Malinowski
(Bloomberg) Just over a year ago, Chile’s billionaire president, Sebastian Pinera, had an approval rating of 6%, the lowest in Latin America. His nation was exploding over inequality and he was dismissed as a hardhearted plutocrat. The demand running wild on social media was: “Pinera, resign.”
Today, Chile is vaccinating its population against Covid at a rate that outstrips most of the world due partly to Pinera’s shrewd dealmaking with drug companies. The result: his approval rating has leaped to between 14% and 20%, with the nation slowly becoming more grateful to the executive at the top.
Vaccine Gains Bring a Despised President Back From the Brink msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Chile’s constitutional rewrite will make room for several more decades of steady rules, ensuring social peace and investor interest in what has historically been one of Latin America’s most stable economies, according to the nation’s finance minister.
Chile Finance Chief Sees Years of Stability With New Charter msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.