(Reuters Breakingviews) - Chile’s and Ecuador’s presidents are set to have a tou...
Demonstrators clash with security forces during a protest against Chile's state economic model in Valparaiso, Chile, October 21, 2019. REUTERS/Rodrigo Garrido
Protests quieted down after the two reversed despised policies, but both remain deeply unpopular. Moreno’s approval rating stood at around 30% in mid-2019, and his decision to cancel the fuel-subsidy reduction that sparked the unrest doesn’t seem to have helped. Meanwhile, at best one-tenth of Chileans thought Pinera was doing a good job, according to a number of November polls, despite sacking eight cabinet members and pledging to hold a referendum on rewriting the constitution.
Pinera has more room to give in to spending demands – as he has already done with a $5.5 billion stimulus plan. Chile’s debt to GDP is only around 30%. It also has low borrowing costs, with 10-year bonds yielding around 3.2%, as of late December. In contrast, Ecuador’s debt burden is forecast to end 2019 at 54% of GDP, according to Fitch.
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