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Chile announces new contingency plan to face European debt crisis


09:46, December 15, 2011

SANTIAGO, Dec. 14 (Xinhua) -- Chile is adopting a second contingency plan to counter the impact of the economic crisis in the European Union on the country, Chilean Finance Minister Felipe Larrain said on Wednesday.

The plan includes measures to boost employment and investment, and if necessary, the use of sovereign funds, which at the end of this year are expected to reach 20 billion U.S. dollars, said Larrain during a seminar.

"Chile isn't shielded, but it's well prepared to face the crisis because its economy is solid and its foundations can palliate the local effects of the European crisis," said Larrain.

"We have the Financial Stability Council monitor the crisis every day, especially in issues like liquidity," Larrain said, adding that the Central Bank's liquidity is worth more than 30 billion U.S.dollars.

He said another favorable factor in Chile is that the country depends less on the European markets than 20 years ago, as the country has diversified its investments and trade over the past two decades, making China the main destination for close to 25 percent of Chilean exports.

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