Money Rushes Out of Chile as Cracks Deepen in Economic Model
- Wealthy residents send money abroad in flight to safety
- Protests, constitutional rewrite and election causing alarm
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For decades, Chileans watched from afar as their South American neighbors grappled with galloping inflation, financial crashes and extreme political swings, destabilizing forces that compelled the wealthy to send hundreds of billions of dollars to havens in Switzerland, the Cayman Islands or the U.S.
But now, the long-stable Andean nation is getting a taste of that turmoil. A mix of social upheaval, plans for a new constitution and the most polarized election in recent memory is sapping Chileans’ faith in their currency.