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Moody’s Downgrade Barbados AGAIN

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Press Statement re: Moody’s Downgrade by Leader of the Opposition, Hon. Mia Amor Mottley Q.C., M.P.

Mia Mottley, Leader of the Opposition
Mia Mottley, Leader of the Opposition

Barbadians need urgently to sit up and take stock.

We cannot expect to continue to do the same things over and over and get different results. Yesterday’s further downgrade by Moody’s by a staggering 3 notches must jolt us into our true reality.

We were warned that increasing our overall debt, especially our reliance on short-term debt, will lead to a further downgrade. Yet the Government continues recklessly to do so. Two weeks ago we increased the Local Loans Limit to $4 billion and now today we are increasing the limit under the Special Loans Act by $1 billion to $2.5 billion.

We were warned that continued Central Bank financing of our fiscal deficit will put pressure on our exchange rate. Yet the Central Bank continues to do so.

We were warned that increasing our fiscal deficit and missing our targets for fiscal consolidation will lead to a further downgrade. Yet the Government continues unashamedly to do so.

We were warned that declining foreign reserves will lead to a further downgrade. Yet the foreign reserves dangerously continue to decline in spite of the Government’s borrowing to prop them up.

Regrettably this downgrade by 3 notches also comes against increasing difficulties by the Government to raise medium term money with them having challenges with a recent 2019 Issue of Bonds. The market is reflecting their lack of confidence in this Government’s management of the economy and its fourth attempt at fiscal consolidation.

How many more people and institutions must speak, through their words and actions, before Barbadians tell this Government that the message is clear from everyone who assesses our economy? How many more Barbadian workers, families and businesses must be sacrificed before we recognize that all Barbadians must stand up and call a spade a spade.

The definition of madness is doing the same thing over and over and expecting a different result.

Our economy is in crisis and NO ONE has confidence in this Government’s policies nor in its ability to lead us out of the crisis.

The deafening silence of Barbadians is the greatest ally to this Government’s incompetence. The voices of all Barbadian patriots in the private sector, union movement, academia, church, civil society and among our general population must now be heard for it cannot be business as usual.

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254 responses to “Moody’s Downgrade Barbados AGAIN”

  1. Due Diligence Avatar
    Due Diligence

    A bit off topic, but found this in Nation interesting

    http://www.nationnews.com/articles/view/invest-in-property-says-developer/

    Invest in property, says developer

    WED, JUNE 04, 2014 – 4:10 PM

    TAKE THE MONEY out of the bank and invest in a piece of the rock.

    Real estate developer Elias Haloute issued the challenge this morning when he re-launched his Adams Castle Estate development project at the Savannah Hotel.

    He said with all the reports of large deposits sitting down in Barbados’ banks, he was satisfied there was money in the island.

    “If the money in the bank is there, and we have something to sell, we have to encourage the people who have the money in the bank to take it out and invest it in piece of the rock,” Haloute said in his pitch to several real estate agents and a few bankers and lawyers attending the event.

    The developer has put up 73 building lots for sale at the prime Christ church site, with considerable discounts on some, because he said he had taken the current state of the market into consideration.

    He was confident Barbados would come out of the current recession as long as Barbadians demonstrated patriotism and thrift, and he admonished Barbadians to stop talking and start acting and working as they had been accustomed to doing”.

    Haloute has been flogging this project since 2011
    .
    So Mr Haloute is saying “take your money out of your bank so I can put it in my bank to pay down the loan I got to buy the land”

    See http://www.acdibarbados.com/Default.htm

  2. Hants Avatar
    Hants

    Just read this in the Nationnews

    TAKE THE MONEY out of the bank and invest in a piece of the rock.

    “Real estate developer Elias Haloute issued the challenge this morning when he re-launched his Adams Castle Estate development project”

    This is worthy of discussion given the current economic climate.

  3. Well Well Avatar
    Well Well

    Due……..exactly, why should the majority on the island be the ones to take THEIR money out of the bank and spend it with Elias so he can bank it in his account, why don’t he and the other minorities in Barbados take THEIR money out of the banks that they currently hold individually in the millions of dollars and spend it on the Barbados economy that has worked so well for them and given them so much financially and materially for the past 4 decades……they got it all wrong, Elias, you got it wrong..

  4. David Avatar
    David

    Stetson Babb

    Coming up in the Evening Edition on the Starcom Network: On the heels of the Moody’s downgrade of Barbados’ credit rating this week comes word that representatives of the International Monetary Fund are in Barbados on a monitoring mission meeting with government officials and the private sector all this week.

  5. Well Well Avatar
    Well Well

    So the new buzz word for the politicians in Barbados is political class, i am still waiting for the definition…..Enuff, maybe you can help me, i fail to see what the word political class has to do with the realities on the ground in Barbados, you have leaders who are rolling around words in their mouth because they sound good, and they still believe people with common sense can be fooled, not everyone is AC and Barbados has way too many ACs…….so…….how will fancy words help the economy, just like all the silly titles these leaders and their partners in crimes against the taxpayers carry around with a view to deceive, totally useless.

  6. Due Diligence Avatar
    Due Diligence

    Well Well

    Could it be that the Adams Castle Estate development project loan is one of the con-performing loans we are reading about?

    Maybe the bank is pushing him to repay the loan as he had agreed to when he got the loan to buy the land.

    .

  7. Well Well Avatar
    Well Well

    Due….would not be a bit surprised, Haloute may very well need bajans to bail him out of that mess, but here is where i suggested for tourism they seek out venture capitalists around the world and leave the literally poor majority bajan taxpayers alone, i suggest the same for the Haloutes, Bizzys, Cows, Jadas, etc. etc, stop trying to suck the taxpayers dry, it had to come to an end one day.

    SSS…..can you tell me what Gline Clarke is complaining about when the house he lives in he got it for free, maybe someone in the DLP can enlighten us on how he got the house, is no amount enough for these pigs, there are homeless men, women and children in Barbados who do not get a free salary from the taxpayers for talking shit all week long in parliament.

  8. Hants Avatar
    Hants

    I am discussing this issue because a Barbados bank seems to be a risky place to have CASH right now.

    Buying land could be a long term investment but the “elephant in de cane piece” is devaluation of the dollar.

  9. Due Diligence Avatar
    Due Diligence

    Hants

    “A Barbados bank seems to be a risky place to have CASH right now”

    How about Government bonds or T=Bills?

  10. David Avatar
    David

    @Hants

    If this government devalues rest assured many of them will have to emigrate.

  11. islandgal246 Avatar
    islandgal246

    I have been saying that those who have money sitting down buy land or house before any devaluation takes place. Invest in something you can see and hold and that be sold at a later date.

  12. Well Well Avatar
    Well Well

    Bajans may get more bang for their buck buying properties in other islands, the properties in Barbados are over-priced, there are still for sale signs up and down the coastline of Barbados, greed has caused them to price themselves out of the market, i would not take my dollars and give that crowd…time for Bajans to spread their wings, stop listening to the jackass politicians, they are now on their own, lies have caught up…lol

  13. GEORGIE PORGIE Avatar
    GEORGIE PORGIE

    Well Well
    Only a moron buys high priced real estate when there is no likelihood of selling higher in the forseeable future.

    Only a moron buys high priced real estate when there is a good likelihood of a devaluation of your currency, in view of current events.

    This is real estate investing basics

  14. Artaxerxes Avatar
    Artaxerxes

    The following is Moody’s suggestion on what could move the rating up or down:

    “What could move the rating up/down – Barbados’ rating would experience further downward pressure if it becomes clear that the government faces a trade-off between debt servicing and maintaining the currency peg, given past evidence of the Central Bank’s financing of the fiscal deficit.
    While an upgrade is unlikely given the negative outlook, we could stabilize the outlook if the government’s fiscal consolidation plan leads to a stabilization of debt ratios, the economic outlook improves on a sustained basis with GDP reporting positive growth, the government materially decreases its reliance on short-term debt and central bank financing, and international reserves steadily increase.”

    As it relates to Central Bank financing of the fiscal deficit, we have to also examine the long-term or short-term effects on the price levels. Will the government use these funds to finance either the deficit, final consumption expenses or investment projects?
    If the additional funds received from the issuance of bonds in order to finance to deficit are used to finance final consumption expenses, (which does not determine a subsequent growth of GDP), the increase in the level of prices will be long-term and the monetary financing of the budget deficit will be inflationary. Conversely, if the funds are employed to finance investment projects, which would induce a rise in output, the original increase in money in circulation would be equivalent to the increase in the quantity of goods and services, and the increase in the level of prices will not be permanent.

    Seems as though we don’t want to discuss Moody’s fundamental concern with Barbados’ monetary and fiscal policies relative to the increasing fiscal deficit and maintaining the currency peg. In Moody’s view, devaluation is on the cards.

  15. Hants Avatar
    Hants

    Due Diligence “How about Government bonds or T=Bills?”

    If the currency is devalued the bonds will be devalued,

  16. Hants Avatar
    Hants

    David wrote “many of them will have to emigrate”,

    As long as they avoid Canada. Tenacious journalists and a real Freedom of Information Act could be problematic for some.lol

  17. millertheanunnaki Avatar
    millertheanunnaki

    As indicated earlier the IMF is here to take control of Barbados’s fiscal and monetary affairs. From now on the MoF and the Guv Governor o f the CBB will have NO say other than be the official messenger and mouthpiece merely announcing the change in policy directives designed and implemented by the IMF.
    Check for the immediate change in the rhetoric and language of silence coming from both of these former bullies and arrogant fools as they sing the praises of the IMF and the false benefits of devaluation.

    You can expect Barbados to be put under ‘special measures’ via an IMF restructuring programme to fully take shape before year-end.

  18. Prodigal Son Avatar
    Prodigal Son

    miller,
    You, Artaxerxes and I take no pleasure in what is going to befall our fair land. We warned these jackasses but we were called prophets of doom and gloom. I am very “frightened”. I really would not like to see a devaluation.

    How ignorant does the monied class like the Haloutes think us Barbadians are? Why would Barbadians take their hard earned dollars out of the bank and “give” it to him. He has his land on his hand, keep it. I would buy from anyone other than him. Let Maloney, Jada, Cow and Bizzy buy up the land. Or the new multi millionaires in the DLP.

    By the way, Artaxerxes, you maybe one of the few on BU who bother with ac, she cannot be helped, ignore the nonsense she spews! It would keep your blood pressure down! LOL!

  19. lawson Avatar
    lawson

    Buying real estate seems absurd before a monetary collapse , a far better investment would be a fishing boat……at least you will be able to put food on the table and if really gets bad you can get out of dodge

  20. GEORGIE PORGIE Avatar
    GEORGIE PORGIE

    re By the way, Artaxerxes, you maybe one of the few on BU who bother with ac, she cannot be helped, ignore the nonsense she spews! It would keep your blood pressure down! LOL!

    100 % TRUE THE MORE SHE TALKS THE MORE SHE DEMONSTRATES THAT SHE IS AN ASS . AND AN ILLITERATE WHO DOES NOT UNDERSTAND WHAT IS SAID, OR WHAT SHE IS SAYING

    IT IS VERY AMUSING
    HILARIOUS ACTUALLY

  21. Prodigal Son Avatar
    Prodigal Son

    This is very serious. Barbados has been downgraded three notches and not a word days after the announcement from the PM, the Minister of Finance or the know it all Governor? How weird is this?

  22. Hants Avatar
    Hants

    Seems it would be a good idea for Bajans to invest in Agriculture. Plant up the front lawns with carrots an cucumbers.lol

    Farming will be profitable but you are going to need dogs and guns to keep out the theives.

  23. Hants Avatar
    Hants

    Farming and Fishing. The new growth industries as fores dries up.

  24. Artaxerxes Avatar
    Artaxerxes

    The following is Moody’s suggestion on what could move the rating up or down:

    “What could move the rating up/down – Barbados’ rating would experience further downward pressure if it becomes clear that the government faces a trade-off between debt servicing and maintaining the currency peg, given past evidence of the Central Bank’s financing of the fiscal deficit.
    While an upgrade is unlikely given the negative outlook, we could stabilize the outlook if the government’s fiscal consolidation plan leads to a stabilization of debt ratios, the economic outlook improves on a sustained basis with GDP reporting positive growth, the government materially decreases its reliance on short-term debt and central bank financing, and international reserves steadily increase.”

    The following is an excerpt from the DLP’s 2008 election manifesto, page 47, paragraph 2, under the caption: “(22) Good Governance”:

    “The DLP administration’s attitude to accountability will be based on the understanding that as servants and representatives of the people there can be no secrets or matters to be hidden from the population. Consequently, a DLP administration will be accountable for its actions and policies and take the public into its confidence.”

    This recent downgrade has created an environment where, in the absence of any substantial information, people are left to speculate and form their own conclusions.

    Perhaps the time is right for this DLP administration to “be accountable for its actions and policies and take the public into its confidence”.

  25. are-we-there-yet Avatar
    are-we-there-yet

    Prodigal Son;

    The silence is characteristic of the PM but not of the Governor of the CB, nor of the MoF, especially since it is likely that they should have had prior knowledge of the downgrade and could have prepared some palliative words of comfort for us. Since they have not yet spoken, more than a full day after the downgrade news broke, suggests to me that a serious even perhaps an endgame is now afoot as they can find nothing sensible to fool the public with. Indeed the narrative of the downgrade indicates that the present path we are on, leads to nowhere defensible or good.

    I also suspect that the triple downgrade to undeniable Junk status, on par with several well known failed states, has placed the Government in an unenviable position that could lead to further chaos as their main movers in Government and the Private sector look for cover.

    Now is the time to start looking for cracks in the resolve of Cabinet. When we start seeing powerful people abandoning ship and, in so doing, allowing the BLP to take up the bitter chalice of this Government before a devaluation is enacted by virtue of DLP parliamentary and other resignations, firings, etc., that will be the time that most will realize that the FS administration is the worst thing that has ever happened to Barbados and that their inertia and ours allowed this sorry pass..

    I hope I’m wrong. But I weep for Barbados, my family and my friends as I contemplate what our future is likely to be. It won’t be pretty If the experiences of those in the Caribbean who have trod this road before is repeated here..

  26. AOD Avatar
    AOD

    Devaluation? not before a massive tax on depositors…BAIL IN style!!!! got more than 50 000 in the bank ….better prepare to cough up 5000 cyprus style. Don’t forget Forbes call Barbados the Cyprus of the West……

  27. millertheanunnaki Avatar
    millertheanunnaki

    @ Prodigal Son | June 4, 2014 at 8:31 PM |

    No right thinking person wants to see Barbados become another failed state.
    Barbados has been one of the most salubrious and safest places to live for both residents and visitors; with an inherited excellent infrastructure, an enviable collection of reliable social services and a good welfare system.

    It has always been the envy of most ex-colonial states and the gold standard of development to aspire to for third world countries. But when a country is administered by those who lie and deceive the people it will be expected to pay for these cardinal sins of its political class as defined by Fumble.

    Until the country gets that Faustian monkey troupe off its back there will be no light at the end of the tunnel.
    Maybe we are seeing the paradox of life being played out here in the bitter fruit of Errol Barrow’s legacy. The more educated a people become the more stupid the country becomes as the enlightening water of commonsense dries up.

    Leadership matters!

  28. Prodigal Son Avatar
    Prodigal Son

    @ are-we-there-yet | June 4, 2014 at 9:36 PM

    Your post is spot on, excellent. I am very worried for all of us. My heart hurt me when I read that PM Mitchell of Grenada “laughing” at us in an article today saying that Barbados has been living beyond it means….he went on to say that Grenada has been out of the recession for a year now and is on a growth path for 2015.

    Meanwhile I understand that the MOF and the CB governor are due to be in London soon…..dont know if to beg. But if the IMF is in control, what then? The arrogant MOF needs to say something mow. Why is Donville Inniss so quiet these days?

  29. Artaxerxes Avatar
    Artaxerxes

    MOODY’S RATIONALE FOR CONTINUED NEGATIVE OUTLOOK
    The continued negative outlook on Barbados’ rating incorporates our expectation that:
    (i) the government will continue to find it difficult to meet its fiscal deficit targets owing to both weak revenues and expenditure rigidities,
    (ii) high levels of domestic short-term borrowing will continue to undermine the government debt profile and lead to increased refinancing risks, and (iii) continued central bank financing of the fiscal deficit will compromise authorities’ ability to preserve the currency peg.

  30. millertheanunnaki Avatar
    millertheanunnaki

    @ Prodigal Son | June 4, 2014 at 9:52 PM |
    “Meanwhile I understand that the MOF and the CB governor are due to be in London soon…..dont know if to beg.”

    Do these two jackasses feel the finance people in London are fools or jada type conmen? Do they really feel investment houses in London can take up clients’ money and throw it down the drain after the Four Seasons and Harlequin fiascoes?

    Haven’t they learnt lessons from last year’s futile trip? Or is it their last opportunity to visit London at taxpayers’ expense?
    These jokers have no appeal whatsoever to people in the City.
    They have been given a very bad report on their fiscal and monetary skills by both the rating agencies and the IMF.
    Investment money would find its ways in Cuba and other emerging economies not Barbados under an incompetent and untrustworthy administration.

    Why don’t they concentrate on the millions of investment dollars coming out of Japan and China and- as the people were told were- sitting in the bank to finance the cruise ship terminal, sugar cane industry and WTE plant; not to mention the building of a new hotel at Heywoods?

  31. What about the asset disposal plan Avatar
    What about the asset disposal plan

    David, anything more on Government’s privatization plans as yet?

  32. Artaxerxes Avatar
    Artaxerxes

    millertheanunnaki | June 4, 2014 at 10:24 PM
    Prodigal Son | June 4, 2014 at 9:52 PM |
    Recall that during his presentation to the Peterson Institute for International Economics, Washington, DC on April 17, 2014, Governor of the Central Bank, Dr Worrell stoutly defended government’s policy of using fiscal policy to effectively sustain the foreign exchange reserves, protect the value of the Barbadian dollar, in terms of its parity to the US$, and control aggregate demand.

    If you read Moody’s report, you will see that organisation is concerned with the debt and the government’s reliance of Central Bank funding to finance the deficit, and the implications on the stability of the dollar. We also have to examine the use of these funds in terms of the effects on the price levels. It will be interesting to note whether government uses this additional money issued to cover the deficit, to finance investment projects, which would ultimately increase input, or to finance final consumption expenses, which does not determine a subsequent growth in GDP.

  33. Lemuel Avatar
    Lemuel

    Miller and Crowd:
    Whether Mam or the BLP like it or not, the DLP is the democratically elected government of Barbados. Mam has been calling for marches and strikes and loud protestations; when shall we see the BLP political class go on the streets and show the rest of us poor people how it was done in 1937.

    All this talk here about handling the economy, debt, IMF etc. is only talk at this point in time. When shall Mam and her team LEAD out by the marches and other methods of resistance?

    What is becoming clear is that Mam expects to walk done Broad Street with a MASSIVE crowd of proletarians in tow to propel the resignation of this DLP government. But who shall bell the ubiquitous cat!!! People we are talking SEDITION!! Mam take the FIRST STEP!!!

  34. David Avatar
    David

    @Lemuel

    Don’t make this about MAM. The stalled economy is not MAM’s doing.

  35. Caswell Franklyn Avatar
    Caswell Franklyn

    Lemuel is scared for the people because he remembers that the Government had brought in riot gear. He has every right to be scared. My information is that they would have to resort to real bullets because the rubber bullets that are supposed to be non-lethal are no good. I am told that that they were bought cheap and the purchaser did not realise that they had expired. If and when they are fired, they are likely to disintegrate.

    >

  36. Lemuel Avatar
    Lemuel

    David:
    I am making it about what Mam wants poor people to do for her that she does not intend to do for herself: march, jump up and down, remonstrate!!!

    What we have going on Barbados is the culmination of “spiritual wickedness in high places”. It was the doing of both political classes and their respective governments. We made sport when Barrack was not paid. We made sport when Owen dismiss, send home and trampled on the rights of people; we made sport and sport and sport!!

    For once I would like to see the political class go out front and lead by example. Go to jail; get their heads bust; lose their social standing!! But they expect the proletarians to do this on their behalf while they and their children reap the political sweets!!

    I would never waste my time making this about Mia Mottley; this is about the continual abuse of blind faithfulness by the political class and the pain and suffering that it causes the poor, voiceless and as she puts the inert!!

    So do not get me wrong; Mam is so insignificant in my thinking that it is laughable. And David, I did not think that you would think like the herd mentality that is present constantly on BU!!

  37. ac Avatar
    ac

    the stupidy in all this is that the the euphoria and and clapping does BOT Exempt the blp yardfowls and govt from their role in the economy demise,,,what ever happen the bulk of the blame would be placed on the past govt shoulders for not put this country on a sustainable path ,,there is no escaping it,,,the PM of GRENADA got that right BARBADOS was spending above it Means,,,,,,only a YARDFOWLonly a BLP yardfowl would misinterpret what he meant,,, and that overspend happen many years ago,,.,,,,

  38. Lemuel Avatar
    Lemuel

    Hi Caswell!!

  39. ac Avatar
    ac

    the stupidy in all this is that the the euphoria and and clapping does NOTExempt the blp yardfowls and PAST govt from their role in the economy demise,,,what ever happen the bulk of the blame would be placed on the past govt shoulders for not putting this country on a sustainable path ,,there is no escaping it,,,the PM of GRENADA got that right BARBADOS was spending above it Means,,,,,,only a YARDFOWLonly a BLP yardfowl would misinterpret what he meant,,, and that overspend happen many years ago,,.,,,,

  40. David Avatar
    David

    @Lemuel

    A political party marching with its supporters is comprised of Barbadians. The petition of BLP supporters and the Queens Park meeting shows why a party led approach will not work, any protest must have the legitimacy of a cross over participation. Get this right also, BU will offer our opinions, feel free to label as you see fit, we have been through this before.

    On 5 June 2014 10:04, Barbados Underground wrote:

    >

  41. Lemuel Avatar
    Lemuel

    David:
    I am not labeling. I am making my position clear as your comment suggested.

  42. Lemuel Avatar
    Lemuel

    Miller and Crowd:
    Remember SEDITION is “conduct or speech inciting people to rebel against the authority of the State or Monarch”. Some one please tell me that Mam the QC does know this definition.

  43. islandgal246 Avatar
    islandgal246

    LE MULE WHY DON”T YOU SHUT TO HELL UP! YOU ARE TALKING BARE PUP!

  44. Lemuel Avatar
    Lemuel

    Island:
    When the SEDITIOUS marches start will you be in the front? Do not be afraid, Caswell said the rubber bullets are not working!! We need the wunna bees who expect something from Mia. Does that include you too Island Girl, sweet heart!!

  45. Caswell Franklyn Avatar
    Caswell Franklyn

    Islandgal246

    You are a big bully. All along you were pretending to be Lemmie’s girlfriend but as soon as he speaks the inconvenient truth, you abuse him. Maybe you should use the 2×3 that you use to kill your father on him.

  46. Ping Pong Avatar
    Ping Pong

    How would it help our tourism industry (which whether we like it or not is the only “game in town” right now) if say a couple of somewhat drunk nitwits under the guise of political protest threw some rocks at Cave Shepherd window? On that note of negative publicity, we better get the spread of the chikungunya illness under control.

  47. Bush Tea Avatar
    Bush Tea

    Steupsss
    Wunna BLP fowls could really stop playing with wunna selves…..

    What do wunna people not get about the unseemliness of “gushing with excitement” that the shit is about to contact the Bajan fan…?

    Whether it was BLP or DLP the result would have been the same……the only difference being that NO ONE could have been as inept as our default PM…..
    NEITHER BLP or DLP are committed to building a meritocracy…..just in substituting one set of yardfowl parros for another….
    …the whole “political class” of brass bowls that we have been saddled with are all the same shiite..
    OBVIOUSLY our brass is grass….

    Everybody seems to think that we can just spend, spend, spend and borrow borrow borrow – with piss poor productivity ….and live happily ever afterwards….?

    Steupsss.

  48. Lemuel Avatar
    Lemuel

    Caswell:
    I thank you; when I was “visiting”, I saw the varnished 2X4 by the bedside. I did not know the significance until now. Bushie, beware; remember stolen bread eaten in secret can burn ya behind!!!

  49. Sargeant Avatar
    Sargeant

    In the midst of all this commotion about downgrade and credit rating Gline Clarke’s utterings should not go under the radar. What did Gline Clarke do before he discovered the Holy Grail of politics? I know he was a teacher and the Liaison Officer for the farm workers in Canada. Now he is claiming that politicians should receive a pension after serving for 5 years, this in a time when the retirement age has been raised to 67 years for other Gov’t workers and other people are losing their jobs. He is not satisfied with the two term limit for pensions currently in vogue but Clarke’s focus is on his bank account and damn the economy and public perception. Clarke is a good example of the notion that a politician who is poor is a poor politician.

    This is one of the reasons that the country is in such desperate straits a member of the Gov’t in waiting and a former Minister can’t wait to get his fingers in the cookie jar.

  50. millertheanunnaki Avatar
    millertheanunnaki

    @ Lemuel | June 5, 2014 at 6:23 AM |

    All that can be said to you at this stage is that the DLP administration is no longer in charge of the affairs of your beloved country. So there is no need to march against it. Why go after the messenger boys?

    We would have been most surprised if you would be taking this turncoat anti-BLP stance if OSA was the LOTO man.
    Suffice to say at this stage is that the last set of downgrades was the final warning bell for the IMF to take control. The IMF- unlike the present administration- has decided to be proactive and take early action based on obvious warning signals that the country, given the current economic trajectory, might be heading into the risky territory of loan default as the forex dries up at a geometrically progressive rate.

    Shouldn’t you be more concerned about what is happening to your sweet ‘Bubadus’ as it faces the really high probability of loan default and devaluation rather than what MAM is up to?
    There is no need to march nor ( to use your words) to spread sedition. And she will do neither. Bajans are getting the governance they voted for. What is your problem, you old disloyal intellectual mule?

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