The Star Online: World Updates
The Star Online: World Updates |
- Obama says capture of cartel boss shows Mexico serious about drug fight
- Magnitude 6.2 earthquake strikes southern Peru
- Peru court orders government to pay 40-year-old bonds worth billions
| Obama says capture of cartel boss shows Mexico serious about drug fight Posted: WASHINGTON (Reuters) - President Barack Obama said on Tuesday that Mexico's capture of the leader of a notorious drug cartel provided reassurance that President Enrique Pena Nieto's commitment to fighting drug trafficking was solid. "What it shows is that the new administration of President Pena Nieto is serious about continuing the efforts to break up these transnational drug operations," Obama said in an interview with Univision's Los Angeles affiliate. "And there had been some question about that, I think early on during his campaign, and immediately after his election." Pena Nieto caused some concern in the United States by dialling back the aggressive campaign against drug trafficking pursued by his predecessor, Felipe Calderon, in favour of a policy emphasizing reducing violence. Under the new approach, Pena Nieto reined in the wide latitude Calderon gave the U.S. government in working with Mexican officials, replacing it with a single point of contact, Mexico's Ministry of Interior. Obama endorsed the policy in May during a visit to Mexico, saying it was up to the Mexican people to determine their own security structures. But he said on Tuesday that Monday's arrest of Miguel Angel Trevino, also called Z-40, the leader of the Zetas drug cartel, offered proof that Pena Nieto's approach could be effective. "He indicated to me that he recognizes the need to deal with these transnational drug cartels in a serious way," Obama said. "And I think this is evidence of it." Obama said that clamping down on the international drug trade in Mexico was in the U.S. interest, and that Washington supported Mexican efforts. The United States recognizes for its part that it has a role to play in curtailing the market for drugs at home and the flow of guns to Mexico. "We want to make sure that they know that we're a partner," Obama said. "It also means though we have to continue doing our part here in the United States to reduce demand, and reduce the flow of guns and cash down south." (Reporting By Mark Felsenthal; Editing by Peter Cooney) |
| Magnitude 6.2 earthquake strikes southern Peru Posted: (Reuters) - A magnitude 6.2 earthquake struck southern Peru on Tuesday, according to the U.S. Geological Survey. The epicentre of the quake was located 53 miles (85 km) northwest of Arequipa, Peru, at a depth of about 52 miles (84 km), according to the USGS. Magnitude 6 quakes are capable of causing severe damage. Peruvian authorities said there were no reports of damage or injuries. (Editing by Stacey Joyce) |
| Peru court orders government to pay 40-year-old bonds worth billions Posted: LIMA (Reuters) - Peru's top court on Tuesday ordered the government to pay 40-year-old land reform bonds at their current value and with interest, terms that will likely lead to a payment worth several billion dollars. The government has six months to pass a decree with further details on how to appraise the debt and carry out payments, said the court resolution published late on Tuesday. President Ollanta Humala's administration has previously said it would comply with the long-awaited decision, which aims to clear up a bitter chapter in Peruvian history. The bonds were issued as compensation for land confiscated and redistributed to the poor in the 1970s. The resolution said the president of Peru's Constitutional Tribunal ruled in favour of bondholders after members were split 3-3 on whether to force the government to pay off the debt. Conservative estimates put the value of land-reform bonds at between $1 billion (661 million pounds) and $3 billion. Other estimates say the liability is far larger, between $4.6 billion and $8 billion, or about 4 percent of Peru's gross domestic product. Consecutive Peruvian presidents have resisted honouring the bonds, saying they lacked the cash, even after the court ruled 12 years ago that the government should pay up. Paying off the bonds will officially put them on the government's books, though resolving the outstanding debt might also boost Peru's credit ratings. Last week Humala asked the court to abstain from ruling on "sensitive" topics such as the land bonds until Congress named new members to the court - suggesting the court's decision would lack legitimacy. Humala was elected in 2011 after pledging to make sure the poor benefited from Peru's decade-long economic boom. Bond payments could further anger critics who say Humala has favoured the rich, as public sector doctors strike for wage increases and civil servants and universities protest performance-based reforms. Much of the land-reform debt has been bought by local and foreign creditors over the years. "I voted against resolving the debt because I don't believe ownership of the bonds is legitimate," court member Fernando Calle said on RPP television. The agricultural bonds were issued as compensation for land lost in the 1970s under a redistribution program started by leftist dictator General Juan Velasco, who sought to create a more equal society and redress the legacies of Spanish colonialism. Many middle-class farmers and workers were ensnared in the program, which caused Peru's agricultural output to collapse when 5,000 farms were seized between 1969 and 1981. Since the 1990s, Peru has shed Velasco's left-wing economic model and become one of the region's fastest-growing economies, with free-trade agreements from China to Europe and investment-grade credit ratings. (Reporting by Mitra Taj and Marco Aquino; Editing by Stacey Joyce and Lisa Shumaker) |
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