Chile Votes for Who Will Rewrite Constitution After Mass Unrest

(Bloomberg) -- Chileans are heading to the polls in an unprecedented election to decide who will write the new constitution following a period of mass unrest, a vote that will shape the future of one of Latin America’s richest nations.

This weekend, citizens will select the 155 members of the Constitutional Assembly that will draft a new charter over a year. Elections will also be held for governors, mayors and city council members. Results will come after polls close at 6:00 p.m. local time on Sunday, in a vote that was extended to two days because of the pandemic.

At stake are the very economic rules that have driven years of sustained growth while simultaneously fueling social discontent and inequalities. The vote for local offices will also test the strength of different coalitions ahead of November’s presidential elections. At the same time, recent political tensions and a surge in coronavirus cases are further heightening uncertainties.

“The elections will give a reality check to our political system’s fragmented parties,” said Tomas Duval, a political analyst and dean of the school of social sciences and humanities at the Universidad Autonoma. “Aside from the referendum, we haven’t had a vote to see if there’s really been a change in the electorate, as one might imagine.”

Read more: What’s at Stake as Chile Writes a New Constitution: QuickTake

Last year, citizens overwhelmingly decided to scrap the current constitution implemented during the Augusto Pinochet dictatorship. It was a key demand of protesters who took to the streets starting in October 2019 initially over a subway fare hike before broadening demands to include better public services.

Investors will be paying close attention to the Constitutional Assembly’s final composition. While center-right candidates unified under one main list, center and leftist contenders are spread out across many different groups.

Those divisions should make it easier for government-aligned candidates to obtain one-third of seats despite President Sebastian Pinera’s low popularity. Given that each article of the new constitution will require the approval of a two-thirds majority, the ruling coalition would effectively gain veto power if it reaches the 33% threshold.

Voters will cast their ballots as Chile slowly beats back a record-breaking surge in the pandemic. The election was originally scheduled for April, though lawmakers voted to postpone it until May as daily virus infections and hospitalization reached all-time highs.

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