Cuba Withdraws Mexico Loan Guarantees (WSJ)

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No more yankee dollars for Mexico from Cuba?

Vicente Fox, Jorge Castenada May End Up Hating Telephones


Wall Street Journal - May 14, 2002

Cuba Withdraws Loan Guarantees

Cuba's government, in a surprise move, has said its telecommunication
companies, Empresa de Telecommunicaciones de Cuba, and Telefonica
Antillana, would no longer provide loan guarantees for Cuba's $380
million debt-restructuring agreement with Mexico's export-finance
bank, Banco de Comercio Exterior. The move casts doubt over the
future of Mexico's debt-restructuring agreement with Cuba.

As part of that agreement, Cuba last year paid Mexico $93 million in
interest and capital on its debt. Mexico in March awarded Cuba
another $211 million credit line to be used over the next five years.
The loan guarantees will now be assumed directly by the Cuban
government, according to its official gazette. But Mexican inquiries
about what Cuba proposed to substitute for the guarantees have gone
unanswered, a Mexican official said. Havana said Cuba's unilateral
decision was a response to "the badly intentioned move" of Mexico's
foreign minister, Jorge Castaneda. Cuba blames Mr. Castaneda for
Mexico's vote in a United Nations forum criticizing Cuba's
human-rights record.

source - JosePertierra@aol.com
 
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