On January 15, 1997, President Clinton announced that Mexico had repaid all of the $12.5 billion it had borrowed from Washington to stave off financial collapse and bail out Wall Street speculators. The New York Times (January 16, 1997) reported that "the repayment of the loan—three years ahead of schedule—was marked by a celebration at the White House today presided over by Mr. Clinton and Treasury Secretary Rubin." In Mexico, President Zedillo celebrated the occasion, declaring that his government had made a "bold step toward the economic recovery of Mexico." According to Zedillo, "The early retirement of the debt demonstrated the coherence and responsibility the Mexican people and Government have shown in these times."