Recent Political, Economic and Other Developments in Chile
General Augusto Pinochet, the much-hated Chilean dictator was arrested in 1998 in UK on murder committed during his 15-year reign. However on account of poor health the former General was sent back to Chile in 2000 where he was stripped of his immunity from prosecution.
The Chilean Senate approved major Constitutional changes in 2005 that included granting power to the President to dismiss the military commanders, which was abolished during the Pinochet era.
A landmark event occurred in 2006 when Michelle Bachelet became Chile?s first woman President by defeating the conservative billionaire Sebastian Pinera. Chile went on to sign a Free Trade Agreement (FTA) with China in 2006, a first for any South American country. The same year saw the death of the aged Augusto Pinochet.
The Chaiten volcano that had been dormant for 9,000 years suddenly erupted in 2008 leading to complete evacuation of two Patagonian towns.
Chilean economy recorded a 4% growth rate in 2006 fiscal, its worst in 3 years that led to a financial stimulus package, which included tax breaks for companies, new credit lines and changes to financial derivative laws.
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