Fiery protests against Chile's private pension funds

A man takes pictures as workers clash with the riot police during a protest against the Pension Fund Administrators (AFP) - Chile's privatized pension system - in front of the La Moneda presidential palace in Santiago, on November 4, 2016Chilean police used tear gas and water cannon to break up a protest Friday against the country’s privatized pension system, which opponents say is leaving many retirees in poverty. Protesters set fire to at least two buses, forcing passengers to flee, and blocked some two dozen streets with burning barricades in the capital Santiago on a day of nationwide demonstrations. Launched in 1981, Chile’s “pension fund administrators” (AFPs) have been held up by pro-market politicians and pundits worldwide as a model of how to privatize a national pension system.

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