Chile president pledges cash to help victims of earthquake

Chilean President Michelle Bachelet promised financial help on Monday to victims of last week's 8.3 magnitude earthquake and the tsunami that followed, which battered the country's coastline near the port of Coquimbo and destroyed hundreds of homes, reports Reuters.

"We know that any measure does not compensate for losses suffered during this new natural catastrophe, but we want people to know that the government is not going to abandon them," said Bachelet. The government would give one-time payments to affected families of $1,500 to rebuild homes and another $700 to replace lost goods, said Bachelet.