Chile swears in new president

New aftershocks greet arrivals for Pinera's inauguration events

SANTIAGO - Two strong earthquakes rocked central Chile on Thursday as VIPs arrived for the inauguration of President-elect Sebastian Pinera. Measuring 5.1 and 7.2, both aftershocks rocked buildings in the capital, shook windows and provoked nervous smiles among the diplomatic guests. Peru's President Alan Garcia joked that it gave them "a moment to dance."

The Chilean Navy issued a tsunami alert as the inauguration got underway.

Conservative billionaire Pinera assumes office and the task of rebuilding the country after one of the worst earthquakes ever recorded killed hundreds of people less than two weeks ago.

Chileans hope the Harvard-trained economist can use his renowned business skills to help one of Latin America's most stable economies rebound from the quake, which was followed by a tsunami that devastated coastal villages.

"He is a businessman ... and that is what we need right now. Someone who can create jobs for our kids," said Carlos Fuentes, a 47-year-old fisherman who lost his home and boat in giant waves after the 8.8-magnitude quake.

Even though mines were mostly unscathed in the world's top copper producer, the quake seriously damaged key wine, fish and paper pulp industries near the epicenter in south-central Chile.

Pinera, a former senator, made a fortune on a credit cards business and an airline, becoming one of the world's wealthiest people according to Forbes magazine, which estimates his fortune at $2.2 billion.

To fund reconstruction, the new leader is likely to issue international bonds and dip into Chile's copper savings.

The handover of power from popular center-leftist Michelle Bachelet came in an austere midday ceremony, toned down out of respect for those still mourning the dead.

Officials have identified 497 dead from the Feb 27 quake and tsunami, after revising down an earlier death toll of 802, which mistakenly included lists of the missing.

Pinera's election marks a shift to the right in Latin America where a generation of center-left and socialist leaders are in power.

Fellow conservative presidents Garcia of Peru and Alvaro Uribe of Colombia attended the inauguration along with leftist leaders such as Argentine President Cristina Fernandez and Bolivia's Evo Morales.

Reuters

(China Daily 03/12/2010 page12)