A day after being sworn in as the South American country's new leader, Pinera told foreign reporters he would "reassign some resources from the national budget" to help bear the costs of reconstruction.

He would also call for help from other nations and draw on "international credits" to finance rebuilding projects after the destructive 8.8-magnitude quake on February 27 that unleashed a Pacific-wide tsunami.

"It's true that Chile is a country that is poorer now" than before the quake, Pinera told reporters.

But the government intends in part to tap its savings earned from copper, of which Chile is the world's largest producer, to pay for quake losses.

Copper prices have "fortunately remained firm, which will provide additional resources for reconstruction," Pinera said.

Authorities have identified 497 bodies of victims of the quake -- one of the largest in modern times -- and tsunami, but Pinera acknowledged the toll would rise "because there are many dead who have not yet been identified, and many still missing."

Half a million homes were destroyed or heavily damaged, mainly in central and southern coastal areas.

Pinera, a billionaire businessman ranked 437 on Forbes magazine's list released this week of the world's richest people, said it will take an "enormous austerity effort" to fully carry out the government's reconstruction plans.

During his campaign, Pinera deflected accusations of potential conflicts of interest between his political ambitions and his corporate empire, promising to sell the bulk of his shares in airline LAN Chile before taking office.

On Friday he announced he had "finalized" or was "a few days from finalizing" the sale of his shares in a large Santiago clinic and his shares of LAN, South America's largest airline, of which he owned 26 percent.

Pinera said he had to date sold more than 60 percent of his airline shares, but that the rest had been delayed "for reasons beyond my control," notably the earthquake.

He also confirmed the transfer of management of his Chilevision media chain to a foundation, but has conveyed his intention to remain a co-owner of football club Colo-Colo.

Pinera took office on Thursday in the midst of a series of powerful aftershocks that triggered a tsunami alert, worried world dignitaries in attendance and caused a brief panic at parliament in the coastal city of Valparaiso where the inauguration took place.

earlier related report
Radio station, a lifeline in quake-stricken Chilean town
Constitucion, Chile (AFP) March 14, 2010 - Two days after Chile's monster earthquake and tsunami pummeled this seaside town, the manager of its sole news radio station hauled broadcast gear three blocks from its damaged studio to a bench outside town hall.

There he ran an antenna up the flagpole and plugged into city hall's emergency power grid, courtesy of Mayor Hugo Telleria.

"This is 100.5 FM, Radio Nuevo Mundo, broadcasting from Constitucion, a city getting back in its feet!" Roden Arevalo Parada, 41, cried into a microphone one recent afternoon as he adjusted sound levels on the mixer.

"Have strength, Chile! Have strength, Constitucion!"

The 8.8-magnitude quake that struck on February 27 destroyed about a third of the buildings in this town of 50,000. Its waterfront was reduced to a mass of twisted metal and split wood by giant tsunami waves that followed the quake.

Some 85 Constitucion residents died in the quake, though many more are believed to have been swept away by the ocean.

Arevalo and his only employee, Moises Fuenzalia, aired their show from the bench for nearly two weeks, from mid-morning until power was cut off an hour before midnight.

Along with an evangelical station called Radio Apocalipsis, Nuevo Mundo -- New World -- is one of just two local stations on air since the quake. There are no local TV stations on air.

Following strong aftershocks and a downtown tsunami alert, by Sunday they were temporarily back in their damaged broadcast studio, with intermittent access to electricity.

"The walls are cracked but we have no option, we must continue broadcasting," Arevalo told AFP.

Arevalo hooks up to Nuevo Mundo's national network three times a day. "In the first days after the earthquake we were able to get personal messages out to the rest of the country," he said.

"I'm heard from Iquique to Punta Arenas," far northern and far southern cities along Chile's 4,300 kilometer (2,700 mile) long coastline.

On a recent evening Fuenzalia cornered Laura Albornoz, Santiago's representative in town, outside the two-story, whitewashed municipal building. "Why is aid so slow in arriving here?" he demanded. "Why has power not been restored yet? There are hungry people here!"

Angel Galvez Gonzalez, who lived near the waterfront, fled with his family to high ground and escaped the tsunami. The waves destroyed his home and his eight-meter (26 foot) long fishing boat.

"I've lost my livelihood," he told Arevalo, who at the time was broadcasting from the bench. But that was not why he wanted to go on air.

Arevalo put him on. "I'm trying to get food for 25 families in the Estadio neighborhood," said Galvez. "The local government is very disorganized -- how can it be that more than a week after the earthquake we haven't received help?

"We are all families that depend on fishing. We can get back to work immediately, but we lost everything and need help," he said.

Exhausted city workers were driving around town dropping off bags of food to families in need, an effort heavily dependent on donated food and volunteers.

With thousands of people in Constitucion still without running water and food stores closed, it's impossible for them to feed the whole city.

The army set up a field soup kitchen, and for a few days a supermarket chain handed out free warm meals in the main plaza. Occasionally a truck pulls up on a street corner and its driver hands out supplies, courtesy of ad-hoc donors.

Money is especially scarce. The quake struck the day before payday.

Galvez said that many employers were now reluctant to pay.

Locals approach Arevalo sometimes when he is on air and deliver hand-written lists detailing their needs.

"We need milk, diapers and bread in the Cerro Alto neighborhood," read a note signed by Daniel Torres.

A woman named Lucia Arellano said she needed a kettle, a pot, and size 44 men's shoes.

Another woman said she needed diapers and shoes for her children, but forgot to mention what size.

Two young men approached Arevalo: "We hitchhiked from Santiago to help," one of them said. "We're available to move things, to clean up -- whatever is needed."

Fernando Mejias needed help moving furniture from his tsunami-damaged home. "I have a few things left to move a very short distance," he said. "I'll wait in front of the municipal building."

Arevalo said he must constantly rally his listeners, many of whom are sinking into a post-quake depression.

"If you see an old man, or old lady, or someone who seems disheartened, help them! We are all together here working hard -- Constitucion is recovering!"

Many locals fear an even stronger earthquake, said Barbara Concha, 19. "This creates a state of psychosis," she said.

Powerful aftershocks only reinforced that fear.

The visitors dispersed, and Arevalo plugged in some music. He took off his headphones and sat down on the bench.

"Radio has momentarily recovered the place of importance that it had back in the old days," he said with a weary smile.

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