In Chile, the pandemic is no longer the major risk to the Chilean economy, which over the past three decades has been one of the most stable in the region. Economists from different political sectors agree that the problem lies in a disordered exit from the crisis, due to the great impact of consecutive withdrawals of pension funds on the financial system.
In an election year where Congress is discussing a fourth withdrawal of 10% of retirement savings, with the opposition of Sebastian Pinera’s government, the (autonomous) Central Bank has taken unprecedented measures in recent weeks to curb inflation, which has reached 4.7% in the past 12 months. The issuing institute has set a 75 basis point rate increase, the highest in 23 years and set it at 1.5%, with inflation projected to reach 5.7% by the end of 2021, unprecedented for several generations of Chileans.
The country that in the past has faced a crisis mainly due to external shocks, this time is experiencing its own internal earthquakes and “looks like emerging countries with high volatility”, according to Valdes. When the coronavirus crisis erupted in the region in March 2020, Chile was emerging from the social unrest of October 2019. The political and social crisis was a severe blow to the economy, which then had to withstand a second upheaval due to the pandemic.
In almost two years, the Executive has not been able to regain control and the Congress – where the parties no longer even rule – has embarked on public policies of questionable quality. Chile is facing substantial changes, such as the drafting of the new Constitution, which should be ready by July 2022 at the latest. And an intense set of elections, which will again lead the Chileans to the polls on 21 November, in the legislative and presidential elections.
Source : El Pais
Almost a month after the start of the natural phenomenon, authorities and scientists have reported that the end of the eruption on La Palma is not close. There is no indication that the eruption of the La Palma volcano is coming to an end.
More than 7,000 people have had to leave their homes.
Four weeks after its outbreak, the president of the Canary Islands, Angel Victor Torres, declared on Sunday 17 October that he did not dare to say that the end of the La Palma eruption was “imminent”, despite the wish of the population to end the eruptions.
Torres explained that according to the scientists the possibility of weakening of the eruption is not close, as there are still deformations in the area of the cone. At the same time the amount of sulphur dioxide still emitted into the atmosphere is several thousand tons of cubic meters, while it must reach between 100 and 500 tons to show a sign of weakening, he also expressed concern about air quality.
Torres pointed out that despite the 1,800 buildings and the 7,000 people affected, the magnificent scientific team, which carried out all the prevention, as well as the civic action, shows that there is no reason to regret the material damage.
Source : DW
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