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Economy & Business - October 2005

Telecom saga takes another twist

The Colombian finance minister, Alberto Carrasquilla, said that if the Mexican telecoms company did not take over the state-owned telecoms company, Telecom, tax payers would have to pick up the bill for filling in the hole in Telecom's pension fund: this would come to US$2.8bn, he said. Carrasquilla said that if there was no other offer, pitched to equal Telmex's, in the next six months, the tax payer would have to start paying out.

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