In reply to subtle:
> Why is it not called the Chillean Extremely Large Telescope if its being built in Chile?
Because it is built by a European consortium and is bigger than the US competition.
> Or why is the European Extremely Large Telescope not being built in Europe?
Because in the Atacama desert you can see much better (no light pollution, extremely dry air, and some useful mountain tops to get you above significant parts of the atmosphere,...) and more interesting stuff (e.g. our galaxy centre is visible from the southern hemisphere only).
CB