China buys more Costa Rican debt
China recently bought $150 million in Costa Rican bonds, making good on a promise that enticed Costa Rica to cut diplomatic ties with Taiwan in 2007.
In exchange for diplomatic recognition, China pledged to buy $300 million in Costa Rican bonds, to be repaid over 12 years at 2 percent interest. China purchased the first $150 million in January 2008. By borrowing at such a low interest rate, Costa Rica saves ¢50 billion ($90.9 million) over 12 years, according to Finance Minister Guillermo Zúñiga.
Last year, when the Supreme Court forced Zúñiga to make the bonds purchase public against China´s wishes, Zúñiga suggested that China might not make the second purchase.
You may be interested
Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)Alejandro Zúñiga - April 18, 2019
Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…
Costa Rica holds Maduro regime responsible for diplomat’s safetyAFP and The Tico Times - April 18, 2019
The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…
Venezuela withdraws diplomatic credential from Costa Rican diplomatAFP and The Tico Times - April 17, 2019
Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…