Video Credit: Wochit Business - Duration: 00:33s - Published < > Embed
Mexico to Inject $3.9 Billion In Pemex
According to Reuters, Mexico will inject $3.9 billion into state oil company Pemex, promising to strengthen its finances and prevent a further credit downgrade, although investors saw the plan as only a short-term fix.
Falling oil output, corruption and high labor costs have contributed to the decline of the company that was once a symbol of national pride.
It now holds roughly $106 billion in financial debt, the highest of any national oil company in Latin America.
Led by California Attorney General Xavier Becerra, Xavier Becerra, via CNN 15 states, including Colorado, Connecticut, Hawaii, Illinois, Michigan, Nevada, New Jersey, New Mexico, New York and Virginia..