Chilean President Sebastian Pinera said Friday his country is ready to face a possible world recession.
"Unfortunately, the world economy is not working well, but Chile is well prepared and ready to face the hard times that may come," Pinera told reporters in the Chilean capital.
He said he will "personally make an effort" to ensure that any possible economic recession won't burden the middle class or the most vulnerable sectors of the South American country.
The Chilean government announced last month that it will take special measures to face a possible world recession or any other adverse effects of the lingering uncertainty over the U.S. economic uncertainties and European debt crisis.
Financial officials said this special contingency plan includes the issuing of bonds worth 1.5 billion U.S. dollars by the Chilean government in the New York stock market.
Chilean Finance Minister Felipe Larrain said earlier on Friday that thanks to its contingency plan, the Chilean economy is well prepared to face more "complex events" such as a renewed moratorium in Greece or a recession in the eurozone economy.
"There is a lot of uncertainty in the international markets because of what is going on in Europe. The news is positive one day and negative the next, so that is why the markets move up or down, because there is a complex problem without a solution in sight," Larrain said.
He said that the solution to the European economic crisis will have to be based on efficient action to deal with the Greek rescue measures, including forgiveness of its 140-billion-dollar debt and a contribution from the European Union and the International Monetary Fund.