Debts of the Coup

Roberto Micheletti Bain contracted more debt with Honduran banks in his seven month takeover of the Honduran government than the previous three administrations did in twelve years.

At least, that's what Julio Raudales, the Vice Minister of Planning, told El Tiempo last Thursday, although the figures he cites are not quite as bad as that. Not quite-- but bad enough.

From the beginning of Carlos Flores Facussé's presidency to the date of the coup, the indebtedness of the Honduran government to Honduran banks went from 5000 million lempiras to 14,000 million lempiras.

But between June 28, 2009 and January 27, 2010, under the de facto regime headed by Micheletti, Honduran government debt rose from 14,000 million lempiras to 21,000 million lempiras.

Raudales added that the actual number may in fact be higher. Bills are still coming in from that period, and must be paid out of the current budget allocations, reducing services now.

This is another cost of the 2009 coup. As we reported at the time, the intransigence of the Micheletti regime in the face of universal international condemnation led him to draw down Honduran financial reserves dramatically.

And that is a debt that the Honduran people will pay.