December 16, 2008
According to a report by a Bloomberg correspondent based in Rio de Janeiro, citing Brazilian Foreign Minister Celso Amorim, the Brazilian government has outright refused to take on the $19 billion of debt contracted to build the Itaipu power plant.
Paraguay’s suggestion was that Brazil take over 97 percent of the debt, leaving Paraguay with approximately $600 million, because Brazil uses almost all the power. Currently, the two countries both share responsibility for the deb under the original treaty that resulted in the dam, completed in 1984, being constructed. Brazil does not wish to renegotiate the treaty.
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