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Weekly Report - 29 April 2021 (WR-21-17)

CHILE: Piñera forced into another pensions climbdown

Chile’s President Sebastián Piñera has once again been forced to sanction a bill that allows individuals to withdraw part of their pension pots to help them deal with the economic hardship produced by the coronavirus (Covid-19) pandemic. Piñera is set against these measures but given the politically weak situation that he finds himself in, he could ill afford to block a popular initiative without facing a serious political backlash and renewed public protests. But this new climbdown raises further concerns about the long-term stability of Chile’s pension system and Piñera’s ability to govern the country effectively until his term ends next year.

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