Chile to spend $1.2 billion on housing, credit

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.)

Join the Conversation!

While WVLT allows comments on articles, we ask that you respect the online community. Comments may be removed at any time for violations including:

  • Obscenity, profanity, vulgarity, racism, violent descriptions, name-calling or personal attacks.
  • Abuse of multiple accounts.
  • Off-topic comments.

Comments may be checked for inappropriate content or rule violation, but the station is under no legal obligation to monitor or remove comments. If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator. 
Flagging does not guarantee removal.

powered by Disqus


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 33826854 -
Gray Television, Inc.