Velasco: Chile is in "splendid" condition to confront international economic turbulence

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SANTIAGO. -  Minister of Finance Andrés Velasco has once again expressed his confidence that Chile is in “splendid condition” to confront the current international situation.

During his participation in the seminar “Topics for 2008”, organized by the educational institutions “Expansiva”,  “Libertad” and “Desarrollo”, Velasco said that despite financial turbulence in the market, he continues to have great faith in Chile.

Velasco indicated that, given that the current international scenario has few precedents to draw from, it is necessary to “be careful about making predictions”.  He also pointed out that the country does not seem to have the classic vulnerabilities that can be dangerous when confronting such circumstances and that; in actuality, Chile is a leader amongst the emerging economies in aspects such as market surplus, public debt, current accounts, external debt, liquidity and exchange rate status.

Nevertheless, Velasco acknowledged that economic growth has been weakened by current energy problems, despite the fact that investment remains strong.