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Lower House Approves President's Impeachment Trial
The Chilean Chamber of Deputies has approved the motion for an impeachment trial to go ahead against President Sebastian Pinera. The motion now moves onto the Senate where a two-thirds majority is required to convict the president and remove him from office.
- The impeachment effort comes in the wake of allegations of corruption levelled at Pinera following the release of the 'Pandora Papers'. The opposition alleges that there were bribes paid and taxes evaded as part of the sale of a mining company which supposedly had links to a firm controlled by the Pinera family.
- With only two weeks left until the first round of the presidential election, it is unclear whether there will be enough time for the Senate to go through its procedures to seek to remove Pinera in time. Moreover, with over a third of Senators hailing from Pinera's centre-right Chile Vamos coalition, it is very unlikely that the measure to remove Pinea from office will pass.
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Why MNI
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.