Chile’s Risky Pension Withdrawals

By Paula Schmidt

Political opportunists have taken advantage of the angst amid the pandemic.

Leer en español SANTIAGO — When Congress authorized Chileans to withdraw 10% of their pension savings in July, legislators had vowed it would be a one-time relief measure  But by early December, they had authorized a second withdrawal, and there could have been more authorizations, had the Constitutional Court not intervened to stop a third bill Opportunism won out over objections from experts across the political spectrum, with politicians seizing on a combination of concerns over the country’s private pension model and the pandemic-exacerbated existential fears of one key...

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