Mexico’s Rio Grande water debt repaid
A long-standing Rio Grande water debt that pitted drought-stricken South Texas farmers against Mexico appeared resolved Friday when Gov. Rick Perry announced the debt was paid in full.
“Our farmers, ranchers and cities will have 100 percent of the water they are entitled to, not just for the rest of this year, but for all of 2006,” Perry said in a statement. “Now that the debt is paid, both countries must continue to work in good faith to meet the water demands of citizens on both sides of the Rio Grande for years to come.”
A 1944 water-sharing treaty dictates that Mexico allow a certain amount of water from the Rio Grande and its Mexican tributaries to reach South Texas. In return, the United States releases Colorado River water to Mexico.
Mexico fell behind on its obligations in the 1990s, and at the height of a mutual drought owed the United States enough water to cover 1.5 million acres a foot deep. By 2002, some South Texas farmers were going under, seething as satellite photos showed lush green spots suggesting healthy Rio Grande irrigation in Mexico.
U.S. Sen. John Cornyn, R-Texas, said Texas representatives ultimately had to pressure Washington and travel to Mexico to bring attention to the issue.
More: kristv.com
Mexico's Televisa replaces $600 mln in debt
Mexico's No. 1 broadcaster Televisa said on Wednesday it had successfully replaced $600 million in existing debt with identical new paper in a technical operation to comply with U.S. market regulations.
Televisa (TLVSCPO.MX: Quote, Profile, Research) (TV.N: Quote, Profile, Research) said its month-long offer to exchange debt with a coupon of 6.625 percent and maturing in 2025 for identical new paper closed on Tuesday.
"The total amount of old debt was exchanged for new bonds, corresponding to $600 million in new bonds issued today, September 7, 2005," Televisa said.
The operation was a purely technical one
Mexico's TV Azteca to prepay 1.4 bln pesos of debt
Mexico's No. 2 broadcaster TV Azteca said on Friday that this month it will prepay 1.406 billion pesos ($131 million) of debt with local bank Banco Inbursa that is due to expire in 2008.
Azteca (TVAZTCACPO.MX: Quote, Profile, Research)(TZA.N: Quote, Profile, Research), owned by media and retail magnate Ricardo Salinas, said it was funding the debt prepayment with the proceeds of a bond issue in Mexico. ($1 = 10.694 pesos)
More: today.reuters.com
Mexico's Fox to Propose Cutting Foreign Debt a 3rd Year in 2006
Mexico President Vicente Fox will ask Congress to reduce foreign debt for a third year in his 2006 budget proposal, said Alejandro Werner, chief economist for the Finance Ministry.
``This is a policy that has been successful and we will continue in this direction,'' Werner said at a Mexico City news conference.
The government cut foreign debt by $500 million both this year and in 2004. Fox last week said he will propose to Congress in September a balanced budget for the first time during his six- year
Mexico's Fox to Propose Cutting Foreign Debt a 3rd Year in 2006
Mexico President Vicente Fox will ask Congress to reduce foreign debt for a third year in his 2006 budget proposal, said Alejandro Werner, chief economist for the Finance Ministry.
``This is a policy that has been successful and we will continue in this direction,'' Werner said at a Mexico City news conference.
The government cut foreign debt by $500 million both this year and in 2004. Fox last week said he will propose to Congress in September a balanced budget for the first time during his six- year
Mexico to Swap Bonds Today to Lower Foreign Debt
Mexico will swap foreign-currency bonds for domestic securities today, the first part of a planned $3.3 billion exchange aimed at making the countrys finances less vulnerable to declines in the peso.
In todays transaction, investors can turn in as much as $500 million of dollar bonds in exchange for peso debt. Investors in November bought warrants from the government that gave them the option to turn in their dollar bonds for peso bonds. In March, the government sold similar warrants to holders of some bonds denominated in European currencies.
The swaps
MEXICO'S WATER ALWAYS A CONTENDER
What makes the village of Mexico's water taste so good?
That's the question raised by Mexico's winning the Oswego County Health Department's drinking water contest yet again.
Mexico's and Sandy Creek/Lacona's water was judged best-tasting in 1991. Mexico won the honor alone in 1992, 1993, 1999, 2000, 2001, 2002, 2004 and 2005.
Mexico, Sandy Creek/Lacona, Pulaski, Oswego and Orwell entered the latest contest in May at the Lake Ontario Bird Festival.
The water was judged in an informal taste test. Visitors to the festival sipped from unmarked cups of water and noted their first and second choices. 112 people voted
Emerging debt-Prices rally on Treasuries; Mexico leads
Emerging market debt prices rallied on Friday, boosted by U.S. Treasuries and led by Mexico, where the government announced its second step this week to reduce its outstanding foreign debt.
Mexican external bonds, which usually move in relatively narrow ranges compared with other major EM credits, roared higher. The benchmark global bond due in 203, jumped 2.500 points to bid 124.50 and the global 2019 rose 4.250 to bid 123.750.
Analysts said the surge was driven by the view that debt will become more valuable as it dwindles in supply.
"It was a Mexico colored day," said
Mexico's Slim Urges Spending Up to $2 Bln on Mexico City Water
Mexico's Carlos Slim, Latin America's wealthiest businessman, said he's pushing for a combination of government and private investment to spend as much as $2 billion to ease Mexico City's water shortage.
Slim has a three-point plan to increase the supply of water in the Valley of Mexico by fixing leaky water pipelines, capturing rainwater in reservoirs and building water treatment plants, he said following an event on improving Mexico City's downtown area.
``This is where it makes sense for private investment to support these projects so they're not limited
Mexico to Save $350 Million After Prepaying Debt, Garcia Says
Mexico will save as much as $350 million after borrowing in domestic markets to pay $12.4 billion of foreign debt ahead of schedule, Deputy Finance Minister Alonso Garcia Tames said.
The government yesterday sold local bonds to pay $9 billion of debt owed to the World Bank and Inter-American Development Bank and to buy back $3.4 billion of dollar-denominated bonds. Mexico raised more money from the sale than the $7 billion it originally sought.
This transaction has contributed to the perception that the outlook for Mexican debt is positive, Garcia
Mexico Makes Good on Debt
The Mexican Treasury announces the country has paid off its $1.41 billion in foreign debt to salvage and maintain the country’s financial stability through next year's presidential elections.
Officials say Mexico paid off a portion of 10 bonds due between 2007 and 2033 using funding purchased from the central bank.
President Vicente Fox promises to cover financing needs through 2007 to protect the economy from the financial crises associated with earlier presidential transitions.
Morgan Stanley analyst Gordian Kemen says the announcement came as a surprise to many, but "is very positive.
The government still has $430 million more than what
