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No Checkbook for the Government Development Bank

Hacienda orders public corporations and municipalities to assess the possible loss of their bank deposits

1 de noviembre de 2016 - 8:41 AM

Archival note
This content was published more than 8 years ago.
The GDB restricted the withdrawal of deposits last April, when the lack of cash in hand and the expiration of over $400 million in obligations to their bondholders resulted in a declaration of emergency that is still valid to this day. (Archivo/GFR)
The GDB restricted the withdrawal of deposits last April, when the lack of cash in hand and the expiration of over $400 million in obligations to their bondholders resulted in a declaration of emergency that is still valid to this day. (Archivo/GFR)

Juan Zaragoza, secretary of the Department of Hacienda (Treasury), has instructed all public corporations and municipalities to take action and record in their books the possible loss of the deposits kept in the Government Development Bank (GDB), given the scenario of insolvency that has overwhelmed the former fiscal agent.

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