Chileans flocked for a third time to withdraw money from their retirement funds this week, draining nearly $10 billion from the country’s privatized pension system in a move some billed as a lifeline amid a fierce second wave of the coronavirus pandemic.

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Chile’s Congress in late April approved a bill allowing citizens a third opportunity to withdraw 10% of savings held in privately held pension funds. Many Chileans have already twice tapped their funds since the pandemic struck in March last year, hobbling a system once hailed by free-market economists worldwide.

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By late Tuesday evening, more than 5.5 million Chileans – more than one-quarter of the population – had sought a third payout, averaging around $2,000 per person, according to Chile’s Pension Superintendency.

Ives Ghetto, a 61-year-old unemployed baker from Santiago told Reuters his funds had gone directly to feeding his family.

“Straight into the cooking pot,” he said as he waited in line on a cool fall afternoon for an additional unemployment payment. “We have no choice.”

The center-right government of Sebastian Pinera has opposed raids on Chile’s privately held funds, the cornerstone of its capital markets, arguing they diminish already paltry payouts in the long-term. He has instead rolled out more than $12 billion worth of subsidies in stimulus.

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