SANTIAGO, (Reuters) – Economist Rodrigo Valdes was named as Chile’s finance minister yesterday by President Michelle Bachelet, in a sweeping cabinet reshuffle in which four of her closest ministers were sacked or shifted into other roles.
Although some changes were expected a year into Bachelet’s second term, it is the first time since Chile returned to democracy in 1990 that the finance minister has been dismissed mid-term.
The appointments follow financial scandals, a slowing economy and disillusion with the pace and content of reforms that have eroded Bachelet’s popularity in recent polls.
Economists welcomed the appointment of 48-year-old Valdes, who is chairman of state bank Banco del Estado and has also held roles at Barclays and BTG Pactual.
