![]() This scenario has emboldened the opposition. A late April poll by the Center for Public Studies shows his government’s approval rate barely hitting 9%. Piñera’s elusive personal style is partly to blame, as the president finds himself politically isolated, and with plunging approval rates. The decision could also result in a sell-off by pension managers of another $55 billion in real assets to honor the mass withdrawals. This decision by the legislative puts additional pressure on an already battered pension system, which is a major tool underpinning the framework for the country’s economy. One clear demonstration of this was Congress’ approval of a third withdrawal from pension accounts on April 23 despite presidential opposition. The first half of the year has been marked by election campaigns for Congress, municipal posts and the Constitutional Assembly itself, with the seduction of populism instead setting the tone to the political debate. ![]() Writing a new constitution is a process that requires firm leadership – which the weakened president has been unable to provide. While all leaders around the globe are dealing with the pandemic’s health and economic crises, Chile is also beginning a constitutional process that could either pave a stable future or unravel the social, economic and political landscape that has put the country on a path to developed economy status. The speed of the process considerably lessened the impact of the pandemic over the country’s economy, but it has not protected him from an early lame duck status at a moment when the country is going through a historic process. Piñera’s administration made deals with pharmaceutical companies before vaccines were even ready and started an efficient vaccination campaign early on. The skilled management style and fiscal responsibility that led Chileans to re-elect him in 2017 have not garnered him any sympathy this time around, despite his handling of the pandemic. SANTIAGO – Since the fault line in Chile’s social contract became visible back in October 2019, the solitude of the presidency has been the only companion President Sebastián Piñera can count on.
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