New Chile president on reconstruction

On his first full day in office, Chile's new president Sebastian Pinera said the country will use loans, savings and budgetary austerity to finance reconstruction, after last month's massive earthquake.

Pinera said the quake caused an estimated 30 billion US dollars in damage to infrastructure, homes and industry. An earthquake construction fund is to be established. The new president added the country's giant copper exports will help fund post-quake reconstruction.