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Chile to change the most radical of Pinochet economic legacies

One of Pinochet economic legacies is about to be changed. Chile’s President Michelle Bachelet proposed changes to the most radical of all the economic reforms of former dictator Augusto Pinochet — the private pension system that inspired a wave of similar projects worldwide. For the first time, companies will have to contribute to the system, which until now depended on payments by workers to private savings accounts, Bachelet said in a televised address to the nation late Tuesday, August 9. The proposals…