Former President Gabriel Boric responded to Economy and Mining Minister Daniel Mas, who blamed the previous administration for the decline in the pension fund administrators' Fund E. "Going around blaming others achieves nothing," Boric said. He spoke after a meeting convened by former President Michelle Bachelet with opposition leaders.
According to T13, Mas alleged that the plunge was linked to "decisions made under the previous government that were corrected at the start of this government, or else the impact could have been much worse." The minister did not specify which decisions he meant, according to the available information.
Fund E is the most conservative fund in the pension system. According to earlier reports, it has recorded a 10.4% decline this year. The seven pension fund administrators replicated a bet on falling interest rates in the United States using derivative instruments called swaps. According to Bloomberg, that bet has recorded valuation losses of US$7,700 million. The Central Bank had warned of the risks of these instruments before the decline.
Boric pointed to how long the current administration has been in office. "When people hear a government that has been governing for seven months blaming everything on the previous government, I think they draw their own conclusions," he said. He added that citizens "are tired of excuses that blame everything else."
The former president recalled telling his ministers in 2022 that whoever governs is responsible for improving Chileans' quality of life. In his view, blaming others "evades responsibility and erodes trust." Even so, he said he does not want to be "a commentator on every current event."
The meeting took place at the office of Horizonte Ciudadano, Bachelet's foundation, in Ñuñoa, according to Radio Universidad de Chile. The gathering comes after Bachelet expressed openness to a third run for La Moneda. That possibility drew criticism from the ruling coalition over the lack of new leaders on the center-left.
Boric called the meeting "very positive" and described it as "a demonstration of unity and fraternity." However, he maintained that it was not enough and that parties must go out and listen to people in streets, squares and neighborhoods. "It is not enough just to talk among ourselves," he said.
He was categorical about a second presidential bid. "Today I am not considering any candidacy; that is not my role," he said. He acknowledged that the progressive movement lost the last election "by a lot" and that it is still analyzing the causes.
The next step already has a date. According to Boric, opposition parties are preparing another meeting in November to plan joint outreach in neighborhoods.
