Chile's Bachelet says son's loan controversy 'hurtful'
The loan was fast-tracked for approval by the Banco de Chile.
SANTIAGO (AP) - Chile s President Michelle Bachelet said Monday she s lived through "painful moments" due to allegations her son got privileged access to a bank loan.Bachelet spoke for the first time about the issue after returning from vacation. She said she found out about it through the news media, and that she s suffered "both as a mother and a president."
"Carrying out this duty often means taking decisions can be painful so that our country can be a country for all," Bachelet said, referring to her son s resignation as head of her charitable foundation.Her son Sebastian Davalos and his wife are accused of receiving privileged treatment in receiving a $10 million loan to buy land later sold for about $15 million.
The loan was fast-tracked for approval by the Banco de Chile after the couple met with its vice president, Andronico Luksic, one of Chile s richest men. It was approved a day after Bachelet was elected president in December 2013.
Davalos has said the deal was not illegal, but he recently resigned as head of Bachelet s charitable foundation, and he acknowledged the controversy has "damaged the president and the government."
A prosecutor was named last week to investigate the loan following a request from opposition lawmakers, who complained on Monday about the president s response to the controversy.
"There s a lot of information lacking here," opposition congressman Nicolas Monckeberg, told local TV. "I just hope it s the first time she talks about it, and not the last time."
Political analysts say the scandal is likely to hurt Bachelet s image because she campaigned on a promise to reduce Chile s inequality by overhauling education, improving health care and reducing the wide gap between the rich and poor.
