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Brazil & Southern Cone - June 2011 (ISSN 1741-4431)
CHILE: Government panics over Polar
The virtual collapse of La Polar, a successful mass-market retailer, has delivered another blow to the tottering authority of President Sebastián Piñera. La Polar, the country's fourth biggest and fastest growing retailer, was a member of the blue-chip IPSA stock market index, yet its shares fell 62% in less than 10 days. Arguably, government ministers contributed to the panic. Until the finance minister Felipe Larraín proclaimed on 13 June that the problems at La Polar did not threaten the country's financial system, investors had imagined that whatever had gone wrong at La Polar was manageable.
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