Spain to minimise effect on budget of Panama Canal guarantees
MADRID Feb 5 (Reuters) - Spain's Economy Minister Luis de Guindos said on Wednesday Spain would seek to minimise any impact on the state budget related to guarantees given to the Sacyr-led consortium in the Panama Canal project.
Majority state-owned insurer Cesce, set up to financially aid international expansion of Spanish companies, provided a guarantee for the Sacyr bid in 2009.
Although Cesce has declined to comment on how much the guarantee was for, a source with knowledge of the operation said it was for $200 million.
The Cesce instrument was one of the bonds that had to be put forward to participate in the bidding and guarantees compensation to the Panama Canal Authority if Sacyr does not finish the project.
- Malaysia military source says missing jet veered to west |
- Ukraine appeals to West as Crimea turns to Russia |
- Malaysia air probe finds scant evidence of attack: sources |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Libyan parliament sacks PM after tanker escapes rebel-held port