Economics
Chile’s Entire Economic Team Resigns in Government Crisis
- Finance Minister Valdes, Economy Minister Cespedes resign
- Departures come just three months before presidential election
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Chile, Latin America’s wealthiest and most stable nation, saw the resignation of the government’s entire economic team Thursday as policy disputes boiled over following almost four years of sluggish growth. Markets shrugged off the crisis.
Finance Minister Rodrigo Valdes, his deputy Alejandro Micco and Economy Minister Luis Felipe Cespedes all resigned after the cabinet split over a decision to block a $2.5 billion iron-ore project in northern Chile for environmental reasons. All three complained about the haste with which the decision was taken, while President Michelle Bachelet backed the process. Valdes will be replaced by Nicolas Eyzaguirre, a former finance minister.