Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Chile's right wins big in local elections as political tides shift

Published 10/23/2016, 11:37 PM
Updated 10/23/2016, 11:37 PM
© Reuters. Chile's President Michelle Bachelet casts her ballot during the mayors and councillors elections in Santiago

By Gram Slattery

SANTIAGO (Reuters) - Chile's right snatched dozens of mayoralties on Sunday from the governing center-left coalition, in a boost to former leader Sebastian Pinera, the front-runner to lead the conservative coalition in next year's presidential election.

With over 99 percent of results counted on Sunday night in local elections, the right-leaning Chile Vamos pact emerged as the big winner. It won slightly more votes than President Michelle Bachelet's left-leaning Nueva Mayoria coalition, despite the left going into the vote with a massive incumbent advantage.

Conservative candidates won the majority of key swing cities, including central Santiago, a municipality inside the capital that is considered an electoral bellwether.

"This reflects that residents are tired of incomplete promises," the conservative mayor-elect of central Santiago, Felipe Alessandri, told Reuters. "Citizens have made their annoyance at the old practices of politicians clear, and they have made clear that they expect to be listened to."

Voters have turned sour on Bachelet's government after a series of corruption scandals, an ambitious reform drive that fell flat with many Chileans, and weak economic growth.

The results should benefit Pinera, a conservative politician and businessman who served as president from 2010 to 2014 between Bachelet's two terms and is widely expected to seek a return to office.

"Sebastian Pinera is going to sleep with the presidential sash on tonight," tweeted Patricio Navia, a political scientist at New York University and Universidad Diego Portales in Santiago. "What a beating for the Nueva Mayoria."

The results were a further sign the political tide had shifted toward the right in Latin America, after electoral disappointments for left-wing candidates elsewhere in the region over the past year including in neighboring Argentina and Peru.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Independent parties - previously a non-player in Chilean politics - also outperformed, raising the possibility that Chile's 26-year-old two-coalition system could rupture. An unaffiliated candidate won a shock upset in the mayor's race in Valparaiso, one of Chile's largest cities.

With disaffection with the entire political class running high, Sunday's vote was also marked by relatively high abstention rates.

Bachelet, who is constitutionally barred from seeking re-election in 2017, lamented the low turnout in broadcast comments on Sunday night and acknowledged her coalition's defeat.

"We are going to redouble our efforts to respond to the demands and dreams of our citizens ... this is a very serious message, not just for our coalition but all political leaders in the country."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.