Weekly Report - 10 November 2022 (WR-22-45)

COSTA RICA: Chaves foreign debt warning raises eyebrows

In recent weeks Costa Rica’s President Rodrigo Chaves has repeatedly urged the opposition-controlled 57-member legislature to approve the issuance of US$6bn in Eurobonds, designed to finance the country’s external debt. The issue made headlines after he warned that in the event of an economic crisis, he could not guarantee that “our children would have a democracy”. Chaves’ remarks were particularly striking given that Costa Rica is one of the most politically and economically stable countries in the region and his commitment to democracy had already come in for question during his electoral campaign at the start of the year.

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