The cost of reconstruction in the wake of the serious floods in northern Chile will amount to more than US$1.5bn, President Michelle Bachelet announced last week. The cost of rebuilding Bachelet’s credibility could be much greater. Bachelet took the extraordinary step on 8 April of revealing at a press conference that she had "no intention of resigning” – a sign of just how damaging the scandal surrounding the manner in which her son Sebastián Dávalos secured a US$10m loan for Caval, the real estate firm of his wife Natalia Compagnon, has become. Dávalos gave testimony on 13 April in the Caval case; Compagnon, a week earlier.
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