Public trust in Chile’s institutions—from political parties to the courts—has collapsed amid violent clashes between police and protesters that started last October and picked up again just this past week. The global coronavirus pandemic has further battered Chile’s economy.

Mr. Piñera, a conservative billionaire, has said the country needs a constitution that unites Chileans while maintaining market protections, whether by writing a new one or modifying the current charter. Members of his Chile Vamos coalition are split on backing a new constitution.

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