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11-09-2005, 03:52 PM #1
Mexican gov't pays off $1.4B in debt
http://seattlepi.nwsource.com/business/ ... _Debt.html
Wednesday, November 9, 2005 · Last updated 10:32 a.m. PT
Mexican gov't pays off $1.4B in debt
THE 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.Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at http://eepurl.com/cktGTn
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