Chile’s stable security environment under President José Antonio Kast’s administration, which began in March 2026, underpins the 99.6% “No” consensus. Kast has advanced targeted security, immigration, and law-enforcement measures—such as longer detention periods and ministry reforms—without triggering the constitutional threshold for a nationwide Estado de Sitio, which requires evidence of grave internal commotion or civil war plus congressional ratification. Localized states of constitutional exception persist in southern regions over violence or fires, yet none have escalated into a nationwide crisis in recent weeks. With only twelve days left until the June 30 resolution, the lack of an acute trigger sustains near-certain pricing. A sudden surge in coordinated unrest or major security breakdown meeting the legal bar could still shift outcomes before the deadline.