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JPMorgan Acknowledge Constitution Rejection Is Advantageous For Boric

CHILE
  • Rejection for a new constitution proposal won by an ample margin, as had been suggested by local polls. This time, the outcome’s political repercussions appear to be advantageous for the Boric administration, at least in the near term, according to JPMorgan.
  • In fact, the administration sided with the reject option, as the proposal was seen as the offspring of the right that dominated the Council. That said, the far right also favoured rejection, as the sector favours the current constitution and never sided with the idea of rewriting it.
  • Ahead, the government repeated that a new constitutional process will not be sponsored. Thus, the institutional-associated uncertainty linked to the reformulation of the constitution is likely to be muted, for at least two years. However, a significant portion of the population remains uneasy about the origins of the Constitution. Therefore, new attempts to reformulate it cannot be discarded in the medium term.
  • In the near term, the focus now shifts to the tax and pension reforms. Given the Congress composition, reaching the required majorities appears challenging amid the prevailing political chasm.
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