Amid electoral polarization, the most reactionary sectors of the traditional right and the far right accuse the government of Gabriel Boric of having “robbed blatantly,” leaving the country on the brink of bankruptcy due to irresponsible use of sovereign bonds, having built “nothing” in infrastructure, and carrying a debt “far removed from GDP” that mortgages the future. These claims, repeatedly echoed on social media and in opposition-aligned outlets, oversimplify complex realities and exaggerate figures to generate panic.
However, official data from the Ministry of Finance, DIPRES, and international bodies such as the OECD and the IMF show disciplined fiscal management: gross public debt at 43.2% of GDP by the end of 2025 (the smallest increase in 17 years), record execution of public investment, and stable sovereign ratings (A/A2). There is no imminent crisis or massive diversion of funds; social spending increased responsibly post-pandemic without compromising sustainability.
Now let us address the much-discussed sovereign bonds cited by far-right sectors. We will define them properly, and then explain with examples for general understanding. First, sovereign bonds are debt instruments issued by the government to finance itself—like a collective loan from investors (banks, funds) that is repaid with interest. They are not exclusive to infrastructure: they can be used for any public expenditure authorized by law, such as administrative salaries, social programs, or productive investment, always under fiscal rules such as Chile’s Structural Balance rule.
Technically, Chile issued bonds in UF (inflation-indexed units), dollars, and euros; for example, US$1.6 billion in January 2025 (a 5.65% bond maturing in 2037), within an adjusted annual plan. They are not a black-and-white matter of “paying bills” versus “infrastructure”: the budget law allocates funds by categories, and under Boric (2022–2025), 68.3% of capital investment was executed (a historical record), financed in part by these bonds. Imagine a wealthy neighbor (the government) borrowing 100 pesos (a bond) to fix the roof (infrastructure) AND pay the electricity bill (social spending); if they did only one, they would collapse anyway. Boric used bonds for both: the National Infrastructure Plan (22,000 projects, US$366 billion through 2055) and the PGU/pensions, without bankruptcy because tax revenues grew by 7.5%.
Still complex? Let me revisit the neighbor example based on sovereign bonds for investment. This is how it works in real life: imagine your wealthy neighbor (the Chilean government) needs money to repair the house (infrastructure) and pay bills (social spending). They ask you to lend 100 pesos via a piece of paper (a sovereign bond), promising to return 105 in one year. You buy it in the primary auction; if you want to sell it earlier, you do so in the secondary market (like a stock exchange for shares). Boric issued bonds for all purposes: part went to real works (68% record execution, not zero), and to social spending without bankruptcy because tax revenues grew by 7.5%. Do not panic: opponents say “extremely indebted” or “built nothing,” but figures show fiscal control (deficit falling to 1.1%) and works underway. It is like the neighbor who fixed the roof and paid the electricity bill without incurring reckless debt.
At the start of the term (2022), Boric inherited a country with debt at 36% of GDP post-COVID; issuances increased moderately (around US$30 billion net over four years), but investment execution moved from low levels (2022–2023, due to inheritance and the pandemic) to record levels (91% identified in 2025). Claims that “nothing was built” ignore Ministry of Public Works projects such as the Chacao Bridge or the Biobío portfolio (1,890 projects, US$15 billion). Using the neighbor analogy: first borrowed modestly for emergencies (post-uprising social spending), then expanded to remodel the house (infrastructure in 2025), paying low interest (5.32% on a 10-year bond) thanks to international confidence in Chile. Analysis: not ideal (GDP growth around 2%), but controlled, not “theft.”
Evolution: 2022–2023 prioritized current spending (mainly health and subsidies) due to the crisis inherited from the Piñera government, raising debt to 39%; 2024–2025 shifted fully to investment (MOP +32% execution by May 2025), cutting 14 social programs for fiscal discipline. Bonds did not “cause bankruptcy”: amortizations are covered, and the deficit is declining to 1.1% of GDP in 2026. Returning to the neighbor analogy: initially borrowed for food (social), later for a garage (infrastructure); today sells old assets to pay, without selling the house. The opposition deliberately exaggerates by comparing with pre-pandemic levels, forgetting the global shock. The government of Gabriel Boric has acted financially responsibly within the global and cyclical context.
The thesis is supported by facts: Chile is not bankrupt nor outside norms. A debt of 43.2% of GDP is low compared to the OECD average (86%; the United States maintains debt at 108% of GDP, and Japan around 200%); in Latin America, Chile leads in sustainability (Peru 32%, Chile 43%, Ecuador 53%; versus Brazil 90% and Argentina 77%). Stable ratings prevent high interest rates; the IMF itself projects a downward path after 2027. “Blatant theft” has no basis: DIPRES audits confirm legal execution without massive diversions. The neighbor did not go bankrupt: borrowed responsibly, built, and pays.
Boric hands over the country at the end of 2025 with gross debt of US$148 billion (43.2% of projected GDP), a net financial position of -39%, and a structural deficit on a path to zero (target 2029). Compared with the OECD, this is very low relative to peer countries with similar GDPs (Spain 110%, Italy 140%). In Latin America, Chile ranks among the two lowest (Peru, Chile), below Brazil, Mexico, and Argentina, the region’s giants. As Chilean citizens vote today for the next government in the runoff, they can do so calmly: they inherit fiscal stability, long-term infrastructure plans, and market confidence—not a ticking bomb.
