Senate Approves Bank Reform Bill
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Mexico’s Senate voted to approve a bill that resolves a multibillion-dollar bank debt, turning the reforms into law and ending months of debate. The lower house of Congress had earlier approved a fund, known as Fobaproa, to deal with the $60-billion debt. The compromise deal offers discounts to smaller debtors while forcing banks to take on a big share of the burden of recovering the debt.
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