After the devastating earthquake that destroyed much of the country two weeks ago, today (Thursday) will see the new President, Sebastian Pinera, sworn in. He’ll have a particularly hard task as he has to take control of the country’s attempt to recover from the earthquake and ensuing tsunami, which killed hundreds of people.

Pinera is a Conservative billionaire and also a Harvard-trained economist so the people of Chile must be hoping that his business skills can be put to good use. Many Chilean industries have been severely affected including those for wine, fish and paper pulp. Only the countries renowned copper mines were mainly unscathed. Industry losses could see up to half a point off the year’s economic growth.

Forbes magazine rates Pinera as one of the world’s wealthiest people, with a fortune of $2.2 billion, made chiefly from a credit card business and airline. It is likely that international bonds will be issued to fund the reconstruction of the country.

The ceremony to mark the handover of power from outgoing President Michelle Bachelet has been toned down to show respect for the dead and the mourning. Pinera will have an exceedingly hard task to follow Michelle Bachelet though, as she is leaving office with a record high approval rate of 84%.

Source: Reuters.com