Paraguay, its coffers empty, sells $45 million in bonds to cover operating costs

[Judi Lynn]

Paraguay, its coffers empty, sells $45 million in bonds to cover operating costs
By Pedro Servin, The Associated Press September 12, 2012

ASUNCION, Paraguay - Paraguay's government has run out of money, so put another package of treasury bonds up for sale Wednesday, worth $45 million, to cover a $12 million hole in this year's budget and be able to make upcoming payments on its $2.2 billion in debt.

"We're scraping the bottom of the pot," and so will have to reject any request for more public spending this year, Treasury minister Manuel Ferreira said.

~snip~
Also Wednesday, the government announced that it can't accept a $41 million Mercosur loan for a new highway along the Paraguay River because the paperwork arrived with the signature of Venezuelan Foreign Minister Nicolas Maduro.

Venezuela was made a full Mercosur member in June after Paraguay, whose veto power had long blocked the Caribbean country's entry, was suspended from the trade group for impeaching former president Fernando Lugo, an ally of the presidents of Brazil, Uruguay and Argentina. With Paraguay sidelined, the three remaining leaders voted Venezuela in, angering Paraguay's new leaders.

More:
http://www.canada.com/business/Paraguay+coffers+empty+sells+million+bonds+cover+operating+costs/7230976/story.html

[woodsprite]

1. Doesn't someone we know have property there?

Isn't that where Bushy-boy and his pappy bought a whole shitload of land sitting on top of an aquifer?

Here's an article
http://www.dailykos.com/story/2007/04/28/328588/-Resurrecting-the-Bush-Huge-Land-Acquisition-in-Paraguay-Story