Originally published Tuesday, November 4, 2008 at 8:10 AM
PrintChile to spend $1.2 billion on housing, credit
Chile is putting up more than $1 billion to help middle-income families and smaller businesses survive the global financial crisis.
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 The Seattle Times Company
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