Presidents of Latin America who attended the inauguration of Chilean President Miguel Juan Sebastián Piñera on March 11, 2018 included Argentine President Mauricio Macri, Bolivian President Evo Morales, Brazilian President Teme Michel Temer, Mexican President Enrique Peña Nieto and Peruvian President Pedro Pablo Kuczynski. In the past two years, five presidents have stepped down one after another, and President Piñera's term of office for the next two years is overshadowed by the "economic coup" initiated by young people on October 18, 2019.
In an interview with the Financial Times on October 14 last year, Pinera proudly compared Chile and Latin America, which are suffering from economic and political turmoil, saying that "Argentina and Paraguay have entered recession, Mexico and Brazil company banner design are stagnant, Peru and Ecuador are going through a deep political crisis, and Chile looks like an oasis in this regard.” Pinera later wrote himself, saying “I will do everything I can not to fall into populism.” The months-long unrest sparked by rising subway prices in the Chilean capital has confirmed that Pinera has underestimated the public frustration that has built up in the country.
On October 6 last year, the fare of the subway in San Diego during the morning and evening rush hours increased from 800 Chilean pesos to 830 pesos. Unexpectedly, the 30 pesos (about 0.04 US dollars) price increase triggered protests by young students, which turned into destruction of the subway station. In the early morning of October 19, Pinera declared a state of emergency in San Diego, and the people continued to protest in the form of traditional "cacerolazo". According to the 2019 Mercer Global Cost of Living Ranking, Santiago ranks 79th in the world and the second highest in South America after Montevideo, the capital of Uruguay. After the subway ticket price increase, the monthly transportation fee per person accounts for about 10% of the basic living consumption expenditure. Anti-government demonstrations intensified again on October 25. About 1 million to 1.2 million people participated in the march in San Diego, calling for economic reform and the resignation of the president.