On February 27, 2010 a tremendous earthquake occurred off the coast of Chile. It had a magnitude 8.8 and lasted 90 seconds, which makes it the seventh strongest ever recorded. The earthquake triggered a tsunami that devastated the southern central, coastal towns of Chile. It was so bad that president Michelle Bachelet declared a “state of catastrophe.” Approximately 500 people were killed. Over 500,000 homes were destroyed and costs are estimated to be from 4-7 billion dollars.
Billionaire and Conservative Party candidate Sebastián Pinera has won the Chilean presidential election ending 20 years of the center-left Concertación coalition’s control of the Chilean government. Sebastián Pinera became rich by introducing credit cards to Chile. He also owns a television channel and Chile’s top soccer club. He won against former President Eduardo Frei 52% to 48%. The president-elect promised to use his business expertise to improve the Chilean economy. He also promised to create one million new jobs, cut taxes for small businesses and make government more efficient. Current president Michelle Bachelet will leave office in March as required in the Chilean Constitution. The President can not serve two consecutive terms.
http://news.bbc.co.uk/2/hi/americas/8464136.stm
