Bachelet Appoints Velasco Finance Minister

President-elect of Chile, Michelle Bachelet, has appointed Andres Velasco as her finance minister to replace Nicolas Eyzaguirre on 11 March when her new government takes office. Velasco, a Harvard professor of international finance and development, was director of international finance at the finance ministry from 1990 to 1992. His appointment has been largely welcomed by the markets who expect him to follow the current policies of spending restraint and economic growth. However, as an academic, some have reservations about his political inexperience.