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Tue Aug 23, 2016, 09:56 AM

Huge privatized pension demonstrations continue in Chile - more proof neo-liberalism is bullshit

Thousands protest in Chile against state pension provisions
Hundreds of thousands of Chileans took to the streets throughout the country on Sunday, seeking to increase pressure on the government to throw out Chile’s private pension system in favour of one that would provide better benefits.

Under the current system, which was started in the 1980s during the dictatorship of Augusto Pinochet, six private pension funds, known as AFPs, manage $160bn (£122bn) in assets.

Opponents of Chile’s private pension system say it forces workers to give their earnings to for-profit funds that do not ensure a dignified old age for all Chileans.

“We expect the president and her government to open a dialogue and listen to the citizens of the country, and not just the owners of the AFPs,” said Luis Mesina, a spokesman for a group called No More AFPs, which organised the march.

The organisers said 350,000 marchers took part in the protest in the capital, Santiago. Local police put the number at 80,000.

But the protesters said they wanted the current system dismantled. Any reforms must be passed by congress, where there is broad support for boosting pensions.

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