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 Business News | November 2005 
Mexican Government Pays Off $1.4 Billion in Foreign Debt
 Associated Press
Mexico City – Mexico has paid off $1.41 billion in foreign debt to ensure its financial stability through next year's presidential elections, Mexico's Treasury Department said Wednesday.
The country has paid off a portion of 10 bonds due between 2007 and 2033 using funding purchased from the central bank, the department said in a news release.
President Vicente Fox has promised to cover financing needs through 2007 to protect the economy from the financial crises associated with earlier presidential transitions.
The announcement came as a surprise, but "is very positive," said Morgan Stanley analyst Gordian Kemen.
The government still has $430 million more than what is needed to pay $2.9 billion in 2006 debt payments. |
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