Francisco Galiano, the new president of Paraguay’s state-run telco Copaco, has told local press that the company owes USD34 million to its creditors. ‘We are in the process of paying our providers but taking into account our possibilities,’ Galiano was quoted as saying. According to BNamericas Galiano revealed that among the creditors are local firms as well as foreign companies. Copaco has had a turbulent time of late, with former president Luis Cardozo being replaced last week due to political reasons. Paraguayan lawmaker Candido Aguilera has previously criticised the administration of Copaco, claiming that the company was being led into bankruptcy.