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Free AccessFinal Constitutional Convention Shows Fragmentation But Leftist Advantage
The final results from Chile's Constitutional Convention election are in and it shows a fragmented political landscape, but with a seeming advantage for politicians on the left of the political spectrum.
- The chart below from America Elects shows that while no single bloc (the far-left Apruebo Dignidad, centre-left Lista del Apruebo, centre-right Vamos por Chile, or independents) has enough seats to act as a 'blocking minority' (52 seats out of 155 required to block proposals from the draft constitution).
- While the independent groups cannot be viewed as a homogenous bloc, making the potential policy proposals they may support difficult to categorise, a sizeable section (24 members) come from the far-left List of the People alliance. This group may find common cause with the Apruebo Dignidad alliance, forming a far-left bloc of exactly 52 seats, the required number to act as a blocking minority.
- This would be enough to halt proposals from the centre-left or centre-right, even if they were able to join up to form a broad moderate majority coalition in the Constitutional Convention.
- As such, the drafting of a new constitution is likely to prove a protracted and bitter process, potentially raising political risks further ahead of or after the November 2021 election.
Chart 1. Constitutional Convention, Seats
Source: @americaelige
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.