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Latino Daily News

Wednesday September 14, 2011

Mexico Asking its Congress to Borrow Additional $5 Billion Internationally

Mexico Asking its Congress to Borrow Additional $5 Billion Internationally

Photo: Mexico Asking its Congress to Borrow Additional $5 Billion Internationally

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Mexico’s government is asking Congress for authorization to increase its out-of-control debt, by borrowing an additional $7 billion in 2012.

Taking advantage of the current low borrowing costs in the U.S., “Mexico has tapped global markets three times this year,” Bloomberg wrote.

In 2010, the country increased its net external debt by $5 billion, and is now looking to increase it by $7 million as a means of hopefully increasing demand for Mexican bonds.

By increasing the foreign reserves, Mexico could be looking at an upgrade to its credit rating.

Mexico is Latin America’s second-biggest economy.