Standard & Poor’s (S&P) have released a new study of the top 25 cities in Mexico who have the most debt, where Mexicali and Tijuana made it in the top 10 of this list. Both cities sum up a debt of more than 3 billion pesos (about $234 million dollars).
The capital of Baja California, Mexicali, currently has a balance of 966.4 million pesos (about $80.5 million USD), which is nowhere near Tijuana, who stands in second place over all with an estimated amount of 2.5 billion pesos in debt (about $210.3 million USD).
Much of Tijuana’s debt was generated during the government administration headed by Jorge Ramos, where most of the funds were used for a paving project for the city. The loan used for the project was set to be paid back in a period close to 25 years. The study finds that if the city of Tijuana would choose to pay the debt now, every resident would have to contribute with the amount of 1,618 pesos (about $126 USD).
Taking first place in this shameful list is the city of Guadalajara, Jalisco Mexico, whose debt adds up to about $219.4 million (USD), where most of the funds in this debt were used in the celebrations of the Pan American Games in 2012. Taking third place is the Sultan City of the North, Monterrey, with a debt of 174.2 million (USD).
Altogether, the 25 cities on the list, provided by Standard & Poor, account for 50% of debts in all of the municipalities in all of Mexico.