Moody’s rating agency has just released that they are keeping the credit rating for Barbados unchanged, at least one of the agencies is keeping the investment grade rating at least for now. The government will hold its breath that S&P follows suit.
Read the rating rationale extract from Moody’s Report.
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@David
so we’re looking for a leader with
a) vision
b) leadership ability
c) motivational ability to rally troops.
My God. we’re doomed.
@observing
Hope springs eternal.
It is obvious that a strong society must be underpinned by vibrant economy. That is not rocket science and no one in the DLP has ever sought to contradict that.
However, you can have economic growth and basic underinvestment in housing, health and education:
You can have GDP growth and 28 000 people still waiting at the NHC for affordable Housing, the Scotland District infrastructure falling apart, school plant falling apart,eg: at Wesley Hall, Lodge School, HC and many of the older secondary schools in disrepair, lack of adequate sixth form schooling oppotunities,BCC, SJPP, your major healthcare institution without adequate electrical power and transportation cost to school being a challenge for many low income families.
In other words, you can have economic growth and neglect certain social investments as identified above. That is the straightforward thrust of David Thompson’s statement.
It is convenient for BLP yardfowls to distort the statement.
As for the issue of “handouts and dependency on the state and politicians as the way to control the voters” the BLP inherited a leaner public service in 1994 and proceeded to use government as their employment agency. Glyne Clarke had 4 people from his constituency trying to answer one phone at NHC- talk about encouraging dependency on the state.
This abuse of the public service as the job agency by the BLP was even more rampant in statutory organizations capped off by the vote catching attempt to appoint everyone just before the last election.
We even had Carol Roberts as a contractor and Lammie Craig doing more damage than contracting at St.Leonards School – talk about political patronage – stupse!
The BLP encouraged mendicancy big time.
Finally,on the issue of CLICO, the BLP yardfowls conveniently forget that red flags about the EFPA’S were raised by the Supervisor of Insurance long before 2008 and brought to the attention of the then Prime minister Owen Arthur. Arthur did nothing – INERTIA- he refused to act. If he did,policy holders today would be in a different situation as the EFPA liabilities is really the major stumbling block that prevents the sale of the institution.
The BLP did nothing when they could have addressed the CLICO matter but then when all hell broke loose while they were in opposition, they are running on every street corner shouting CLICO.CLICO. Arthur should explain that to the policy holders but I would not hold my breath as it is better politics to try to blame the current administration but the facts clearly suggest that Arthur’s inaction allowed the CLICO EFPA issue to ferment .
He is not the answer- Arthur was part of the problem.
@ ! | July 15, 2012 at 7:54 PM |
What has changed,”!”, since 2008? Except the public sector has been infested with DLP termites at the expense of BLP fowls whose necks have been severed. But the fatted calf has become bloated with the DLP worms and is crippled and slowly dying.
Arthur never got up in the highest court of the land and pronounced redemption and forgiveness for the CLICO transgressions that were known and exposed for all to see giving more credence to the phrase: “A friend in high places is a pal of mine indeed”. Not a leper but a pal who would be with you until the bitter end of time. What a friend LP has- not in Jesus- but in FS!
@miller
Oh please ! you know what “!” is saying is true.and look at the foolish lame response you give.
@ac | July 15, 2012 at 8:25 PM |
It might be a lame response but it is the Truth!
There can only be one Truth. Not “I” truth or “ac’ truth not even the truth according to Thoth.
Lame, frail or agile, the Truth will always win out!
Deny that the public sector has witnessed a net increase in manpower numbers since December 2007.
Also, deny that FS declared in his admiration of the well managed CLICO and in particular his pal aka ‘not the leper’ LP.
I challenge you both to deny these assertions? If you don’t with incontrovertible evidence then we must allow the Truth to stand on its own.
What has changed is that we have a competent housing minister who has energetically pursued a mandate of the most agressive housing solutions programme of any administration in post independent Barbados.
What has changed is that we have increased education investments in new school plant and sixth form opportunities being executed on time and on budget in the face of the worst global recession in modern times.
As for CLICO, I have never heard the current Prime Minister excuse or forgiven anyone charged with any wrongdoing or crime in related to this matter. What he has done is shown clearly that the CLICO EFPA matter was brought to Owen Arthur long before 2008 and Arthur DID NOT ACT.He also went on to show how Arthur was praising the same CLICO leadership and even sought political contributions from the “leper”. That would make Arthur an unapologetic Hypocrite!
@ ! | July 15, 2012 at 8:58 PM |
“As for CLICO, I have never heard the current Prime Minister excuse or forgiven anyone charged with any wrongdoing or crime in related to this matter. ”
The report has to be first read and acted upon before any such recommendations are implemented by the police and DPP.
“This resolution should be punished with laughter!” Rings a bell or do you “I” have convenient ears and memory?
@!
So ammm, if DT, CS and FS did the same thing as Arthur with sprinkles on top, what does that make them?
Just observing
Political hypocrites of the highest order!
The Dems are desperate!
Arthur is the biggest hypocrite – holding political meetings to give people the impression that he has no culpability in the CLICO issue and what is worst is that the BLP yardfowls on this blog encourage him.
@Miller
my response is the same as “!” now that makes it 2-1 . now go find another lame excuse and a defence for OSA who did nothing for fourteen years but heaped problem after problem and looked the other way while AX CLICO an d Barrack burn to the ground and you political yard flows called that “GoodLeadership . and keep asking fuh more, what a bunch of numb skulls
@! and AC
what do u expect from the BLP garbage technicians, i think yardfowl is to good a term for them. I prefer grabage techicians.
Barbados downgraded by Standard & Poors
Central Bank holding press conference this evening
Oh dear, just what we hoped would not happen, Standards and Poors has downgraded poor Barbados. If only these liliputians had listened to Owen and Clyde but no, all they did was cuss them. We await the press conference at 4pm. Lord have mercy!
DLP are bunch of MENTAL MIDGETS!!
When are these idiot POLS going to assemble the BEST and CLEVEREST in a NON -PARTISAN Working Group to design a sensible way forward for the Bdos Economy???????? OR are they too busy FEATHERING THEIR OWN NEST to CARE????
FROM ANOTHER THREAD……..Austin’s Swamp
We are already knee deep in the bogs…..trying to walk in this swamp is taking a toll..employees are dropping like flies weekly….prices rising daily as we speak…. the awfully sad part is …WE were looking for a CHANGE IN DIRECTION (Budget )….Would you believe these morons..have seen our plight now for two n half years and after continually being warned…. to change direction,… with talk of a “MTFS death print”…we continue to trod deeper n deeper into the quick sand….with a silly idea….world economies will change….Why only yesterday….it was discovered by an intln financial journalist ..the world $$ BIG UPs like it that way….and have begun manipulating the money market and interest rates to maintain the status quo..Keep looking for relief to come from abroad..!
onions,
This is what happens when a dying man put a man who claims he is the brightest light bulb in the DLP and who only could muster 26 marks in Maths in the CEE, in charge of the economy of Barbados.
O betide us! Woe is we!
Is this what the late DT was seeing for about 1/2 hrs garbling before he reached the promised land? Pure unaldulterated misery and confusion,according to those who spoke from his bedside.
I thought that according to the ordained and the successors that DT was pointing to milk and honey flowing the streets lined with gold from George Steet, Massiah Street to Moon Town , Bridgetown, Oistin Town every way across Barbados .
But we must not take everything and make it nancy stories. It was a warning not to deceive the people of Barbados. They did not hearken they were to busy applying make up and dressing up the throne. The essence of the message was lost. The people of Barbados did not receive it.
All is not lost . Oh Paradise , Oh Paradise, Oh Paradise.
There is hope, There is hope, There is hope.
Someone please tell me what Governor Worrell just accomplished?
Enuff
Man you ent hear the best…..D man @ the press conference still holloaring fa STABLE…..at first I thought he said FABLE…..na lie…and one the economic anchor holding FIRM……wha anchor dat ? He mean Anchor Butter ?
Dear Minister of Finance, let us make some major, immediate adjustments, primarily: (a) sell remaining shares in publicly traded entities (ICB, LPH, RBTT, etc.) and reduce the debt; (b) accelerate IPOs for air and sea ports and also further reduce debt; and (c) sell some of the land in the land bank to middle-income (as opposed to lower-income) Barbadians at a rate higher than that offered to the lower-income segment, say $10-$15 per square foot, and further reduce debt. With best regards.
@ Prodi
Well the DLP DEAD NOW….D PIG DEAD,.dey ain’t nah coming back…..deh lick out the last rafter….How D hell GCB could be saying one thing to the people and Intln rating agencies another ?Wait I realize Cardboard up and gone (poor fella)….I also understand OSA will be holding a press conference as well afterwards….How will they survive this one…..
@DMF
Tell that T&T louse I would like to sell he some GRAMOXONE..and hope he boil a soup so we could catch many…fishes.
Dear Minister of Finance, added to that, make the needed adjustments to the Government’s operating expenses. Again, with best regards.
Hear Ye, Hear Ye! Time for no confidence motion in this government.
Unfortunately this is only the beginning. Barbados is BB+, but a number of European countries are already junk status.
The European economy is flailing and the US economy is still struggling.
Sadly, we are looking at a further dip in the the recession and possibly severe social unrest in major cities. Maybe even WWIII. Why WWIII?
Because that is what will be used to stop in-house social unrest (divert elsewhere) and ‘normalise’ the world aka eliminate the middle class and start from scratch.
Let us plant our foods and stockpile what we need now.
This is going to make the AX enquiry sem trivial. Little Big men and women who could just not do what they had to, without rancour.
Another attempt by the economic gurus that ruled the world to bambozzled barbados into devaluing the dollars politics as usual tit fuh tat, the governor knws how the drum is being beat and he will respond in kind now all the psychotic frothing at the mouth doom and gloom choir can give it i a rest cause nobody gonna follow mascot or MIA advice , already the BLP has spent 1.15billion dollars and haven’t regained the re gins of power .don’t run to the head of the line cause yuh might get push back. you guys a bunch of loud mouth jokers.the economy stable not fall off the cliff the BLP perched it on.
The Govenor of the Central Bank says it all this standard & poor’s report is a big joke.They made this downgrading NOT BASED ON SOMETHING THIS GOVERNMENT DID,but because the international countries who we earn our foreign exchange from are in financial decline and we are therefore impacted.
Pray tell me why did VOB run to ryan what-his- name from the Barbados Economic Society,or the young fella from Cave Hill troy lorde and owen arthur for comments when they already have the same comments from Owen.
Why repeat the same talking points with ryan and troy lorde and pretend they are new,different objective points of view.
Steupse.
@ ac
ha haaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
@mash up………………….
You are in denial, I pity you!
@ Carson C. Cadogan;
CCC, my doubting DLP Thomas, where art thou?
Carson in the George St. cesspool of lies hiding, hiding, hiding from Lord IMF.
Carson where art thou? Stop hiding in the Darkness of the Lying Party (DLP) and Come forth into the LIGHT of TRUTH, Carson!
The Minister and Physical Deficit are spinning with Maureen Holder on DLP radio 100.7. They do not know their head from their foot right now! Is Physical Deficit an economist? My goodness, he is pathetic!
mash up and buy back talking points?
you have Owen, Ryan and Troy saying the same thing because its true. you ever stop to think about that? but i guess you agree with the GCB that S&P got it wrong and he is right.
these people driving the car off the cliff and even when you point out to them that is a cliff, they giving the car MORE gas, in this case they adding more stupidity.
The Governor said that the report said that they should be looking at the various sectors of the economy.The Governor said that the government is looking at tourism. Is this true, when the outgoing BHTA Vice President said that they requested a meeting with the PM and this meeting has not taken place as yet?
Old onions
You could really hush yuh foolish mouth.
You rejoicing at this???!
..you sound like this is your big dream come true…
SHAME! What Cawmere you went to what?!?
The governor is technically right, the downgrade is a sham…. Actually against the logic of their assessment, BUT WHY ARE WE SURPRISED?
….these people DO NOT have our best interest at heart….. But we should not have been surprised. The outlook for the USA and Europe is DISMAL. WE WILL BE AFFECTED!!!!
We should have heeded the wake-up call years ago….but even now the GCB seems to be focused on business as usual.
Time to wake up and smell the smoke…..
We really need to understand and accept, that the world economy is going to ‘hell in a handbasket’ And we are impacted.
Standard and Poor, moores , floores, who is going to give a toss when the markets collapse and all people will care about is where they will get their next meal from?!!!
Ths US and Europe are in the crapper.
The best of them is actually England, more self sufficient than the rest.
One big trucking mess!!
THIS IS BAD BAD BAD
WORSE THAN 1991-94
TIME FOR ELECTIONS
CALL ELECTIONS NOW
@Crusoe | July 17, 2012 at 6:21 PM |
“going to hell in a hand-basket’”
“who is going to give a toss when the markets collapse”
Such figurative and colourful phrases betray your English immigrant heritage (LOL!!).
These are sure signs of the coming times. Either the start of a global conflict (the Assyrians came down from the hills like a cloud from the sky) or the return of the Nephilim (those who came from the heavens/skies).
I COULD NOT BELIEVE THAT SINCKLER SAID THAT ONE OF THE ELECTION PLANKS WOULD BE TO BLAME TO THE BLP
UNBELIEVABLE
THESE JOKERS CANNOT MANAGE BARBADOS
OUT WITH THIS CROWD
BRING SOME SENSIBLE PEOPLE TO RUN BARBADOS
OWEN CAN DO THE JOB
MIA IS MORE THAN CAPABLE
CLYDE MASCOLL IS A GREAT ASSET
LETS GET THIS CROWD IN
NOW
CALL ELECTIONS MR.STUART
Interestingly the opposition and may on this blog are jumping on the S&P report but contrary to S&P they were calling for a weaker fiscal stance. They were not layoffs in the public sector, they were not calling for reduced spending on health care or education, they were calling for lower taxes and subsidies for oil. the opposition and many on this blog were also saying the international economy should not really be affecting bim, in direct contradiction to S&P..
S&P are basically saying that in this global environment barbados needs to seriously cut expenditure. which really means education, health care and the size of the public sector. S&P WANTS A MORE PRONOUNCED AUSTERITY PROGRAMME. The experts on this blog and the opposition have rubbished the cuts and adjustments to the drug service, they have called for full funding of the university and a major fuel subsidy.
@ Bushie
I am not elated as you seem to think or portray….nasty you….all we have been saying fell on deaf ears until tonight….What else would you have us do wrest control from these JOKERS?….nah..its a democracy in case you forget and all the games you and the GCB would like to play aint sayin a PANG..it is what it is…..you like Chris n lunatic ac….in denial.
Now what is to be of Four Seasons ?….EVERY MANJACK in here could attest to ALL I have been sayin..from ALL my articles…..they headed down the wrong road… and I am but a novice economist….why if a ole fool like me could see the folly…why not a Dr.Frank Alleyne et al?
the response to the S&P report proves that most on this blog are simply party hacks and partisans. S&P are basically calling for a faster pace of fiscal adjustment. This means some mix of expenditure cuts and revenue raising measures. This is not the programmme you all were calling for. You all were calling for a domestic consumption led growth strategy
At least have the decency and guts to own your own economic program. You rubbished the government’s attempt at austerity, S&P is effectively saying that it did not go far enough, yet you want to use that to beat the government. I accept and expect that from the opposition, but not from those whp pose here as concerned, knowledagble, patriotic bajans.
S&P even mentioned delays in four seasons as a negative, something you all have condemned.
The BLP yardfowls on the blog are lauding the “credibility ” of the ratings agencies but they obviously have not read what the ratings agencies have said.
The Ratings agencies want a faster pace of fiscal consolidation- in a nutshell the ratings agencies are saying to Barbados you are cutting your fiscal deficit but not fast enough and that coupled with the international recession in your source markets is the reason for the negative outlook.
The Ratings agencies are not saying to use up some more of the reserves by domestic spending as the opposition is promoting. Arthur is saying call the election but let us not forget that when the global economy was booming Barbados was downgraded THREE times while he was Minister Of Finance. Do not be fooled that he has some easy magic solution. Arthur as minister of Finance could not escape a downgrade but now he runs before the cameras talking about call an election – Do not be fooled.
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