Acapulco – The world famous Mexican Pacific resort city of Acapulco is broke and unable to deal with a debt load that is expected to hit 2.14 billion pesos ($162.1 million) by Dec. 31, a figure that is larger than the annual budget, municipal officials said.
"We need the federal government to invest in Acapulco so we can get out of this. Otherwise, we are not going to get out of it," Mayor Luis Walton said in a press conference.
The resort city's government and the state government lack the financial resources to rescue the municipal government, the mayor said Monday.
The government of former mayor Manuel Añorve, of the Institutional Revolutionary Party, or PRI, is responsible for Acapulco's problems, Walton, who took office just over a month ago, said.
"This is an economic disaster ... today, when we have plenty of problems, we have to deal with the financial problems, which is really regrettable," the mayor said.
Acapulco, one of Mexico's most famous tourist destinations, has been plagued by drug-related violence in recent years.
The Guerrero state government launched a security operation last year with the support of the federal government to step up security in areas frequented by foreign and domestic tourists.
"Operation Safe Guerrero" was launched on Oct. 6, 2011, in an effort to reduce the soaring crime rate in the state.
Acapulco, a favorite among Mexican and foreign tourists for decades, has lost business to other destinations due to the violence.
President Felipe Calderon made an appearance in the Pacific resort city in May to officially launch a new crime-fighting plan.
The goal of the "Todos por Acapulco" program, which is based on an initiative implemented in the violent border city of Ciudad Juarez, is to end drug-related violence and promote development in the resort city.