SANTIAGO, Chile (AP) -- Chile is putting up more than $1 billion to help middle-income families and smaller businesses survive the global financial crisis.
The money comes from treasury funds accumulated through Chile's fiscal discipline over the years.
President Michelle Bachelet says $500 million will enable Chile's state-owned BancoEstado to increase credit for qualifying businesses.
The other half will go to subsidize home purchases by middle income families, creating more jobs in the construction industry.
Finance Minister Andres Velasco joined Tuesday's announcement, saying Chile's economy is solid enough to survive "this huge international storm."
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.