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Acapulco goes bankrupt

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The Sydney Morning Herald (among others) reports that Acapulco is now facing bankruptcy

The mayor of Acapulco, one of Mexico’s top tourist spots, declared the beach resort in “technical bankruptcy” on Tuesday and called on the federal government to “come to the rescue.”

Mayor Luis Walton, who took office two months ago, said the city government was unable to pay a debt of more than $US170 million.

“We are in a state of technical bankruptcy,” the leftist mayor told a news conference, accusing the previous administration of inflating public wages and signing contracts worth millions that cannot be paid.

 

Written by mo

November 20th, 2012 at 2:11 pm

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