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Economy / Chile

Chile

July 2011 | Ratings Update

Chilean President Sebastian Piñera's political woes continue as his newly appointed energy minister, Fernando Echeverria, handed in his letter of resignation only three days after the president's July 18 cabinet reshuffle. This development is, in our view, an embarrassment for Piñera and has given his political opposition the opportunity to gain some ground. The former energy minister, a previous governor of Santiago, admitted that his ignorance of the conflict of interest presented by his construction company's (Echeveria-Izquierdo) involvement in energy industry contract bids had damaged the government.

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