Nicaragua Renegotiates Debt to Mexico: Nicaragua signed...

Nicaragua Renegotiates Debt to Mexico: Nicaragua signed an accord with Mexico that allows it to receive subsidized Mexican oil shipments for the first time in six years. Mexican Finance Minister Pedro Aspe said the agreement, signed at a ceremony at the home of Nicaraguan President Violeta Chamorro, was recognition of Nicaragua’s extremely limited ability to make payments on the $1.048 billion in debt that it owes Mexico. Half of the debt will be paid back in 40 years, with a six-year grace period on interest, the accord states. Mexico cut oil shipments to Nicaragua in 1985 because of the mounting debt.