Mexico Repays $12.5 Billion U.S. Loan

President Clinton said Wednesday that Mexico has repaid all of the $12.5 billion lent by Washington to stave off a financial collapse which had threatened to ripple around the globe two years ago, thus ending one of the riskiest overseas ventures of Clinton’s first term and releasing Mexico from tight economic controls imposed by Washington.

The repayment - three years ahead of schedule - was marked by a celebration at the White House presided over by Clinton and Treasury Secretary Robert Rubin.

“Two years ago, helping our friend and neighbor in a time of need was quite controversial,” Clinton said. “Some said that we should not get involved, that the money would never be repaid, that Mexico should fend for itself. They were wrong.”