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(Adds comments by president, independent lawmaker, adds political and economic background) SANTIAGO, April 27 (Reuters) - Chilean President Sebastian Pinera on Tuesday abandoned his challenge to an opposition-led bill allowing citizens to draw down a third tranche of their pensions, saying he would sign it into law. Earlier in the day, the country’s Constitutional Court rejected a bid by Pinera to block the fresh drawdown on pensions, saying it would not overrule Congress, which gave final approval to the project on Friday. Pinera had also sought to head off the bill by announcing his own version on Sunday night that provided for repayments and taxation on some withdrawals, but members of Congress made clear they would oppose it.

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