Fulfilling an election promise, Caldera released Chávez and pardoned all the military and civilian conspirators during the Pérez regime. The economic crisis continued, and by the 1998 presidential election the traditional political parties had become unpopular;[citation needed] an initial front-runner for the presidency in late 1997 was Irene Saez. Chávez gained popularity amid the financial turmoil and was elected president in 1998.[9] His administration promoted a new constitution, which was approved by referendum in December 1999.[10] The adoption of the new constitution in 1999 ended the Puntofijismo, establishing the Bolivarian Republic of Venezuela.