119 responses to “Government Between a Rock and a Hard Place With General Elections Looming”

1. 

   David

   February 18, 2017 at 1:49 pm

   
   

   The following article reproduced from the Trinidadian Guardian. You need an account to read the article which explains the long copy paste. Will the political yardfowls accuse the author Anthony Wilson of being a BLP yardfowl?

   Trinis laughing at we although they are experiencing their fair share of problems.

   Is Barbados insolvent?

   Anthony Wilson

    

   Thursday, February 16, 2017

   

   In this November 2015 photograph, Minister of Finance and Economic Affairs of Barbados Christopher Sinckler, left, and the Governor of the Central Bank of Barbados Dr. Delisle Worrell during a Barbados Investor Forum at the Hyatt Regency Port of Spain yesterday.

   The apparent attempt by the Barbadian Minister of Finance, Christopher Sinckler to remove the Governor of the Central Bank of Barbados (CBB), Dr Delisle Worrell, has caught many people in T&T and throughout the region by surprise.

   That’s because anyone who has seen the two men interact at the several investor forums that Barbados has held in Port-of-Spain, and elsewhere, over the past few years would have come away with the impression they had a close working relationship based on mutual respect, complete policy alignment and the need for them to work together to further their country’s national interest.

   So why would Minister Sinckler, according to reports in the Barbados media, have given Governor Worrell an ultimatum to either resign or be fired, after the members of the board of the CBB complained to the minister about him?

   What can be deduced is that the CBB directors may have felt that Governor Worrell was making statements about the Barbados economy that did not reflect the sentiments of the entire board.

   The Barbados media has latched on to comments that the governor made during a live television discussion on state-run CBC at the start of the month, in which Dr Worrell publicly warned the Government that its practice of financing the Barbadian fiscal deficit by borrowing money from the central bank (printing money) was not sustainable.

   “We cannot continue to have a deficit and we cannot continue to have a wage bill as high as we are, simply because the only way we are able to do that is by the Central Bank providing financing,” he said, according to a Barbados Today story on Monday.

   What that report indicates is that the governor believes the only way that the Barbados government is able to pay the monthly salaries of the country’s public servants is by borrowing money from the country’s central bank, which it gets from commercial banks’ reserves.

   What a thing?

   If the Barbados government is only able to pay the salaries of public servants by borrowing from the central bank, does that mean there is no bank in Barbados—including the two T&T-owned banks that are located in the country, FCB and Republic—that is willing to lend the country money in order for it to finance its fiscal deficit?

   If the Barbados government issued an eight-year, fixed rate bond through its Central Bank—as the T&T government did this week—would the institutional investors such as the pension plans, insurance companies and the commercial banks in Barbados not take up the bond, as T&T institutional investors did?

   Banks unwilling

   If the government in Barbados is unable or unwilling—because of the high interest rates it would be required to pay—to borrow money from the banks in Barbados, does that mean there are no banks outside of Barbados that are willing to underwrite or arrange a government bond issued by the island?

   When a country reaches the stage where no commercial bank, either local or foreign, will lend it money—and where the main source of deficit financing, the central bank, is warning about the dangers of it continuing to provide financing—then that country’s back is against a wall and the only ladder, shovel or door is the International Monetary Fund (IMF).

   In its 2016 Article IV report on Barbados, published on August 26, 2016, the IMF said: At end of March 2016, “central government debt including securities held by the National Insurance Scheme (NIS) reached the equivalent of 141.6 per cent of GDP, from 132.3 per cent in FY2014/15.

   “The large funding requirements, totaling about 45 percent of GDP, have been mostly met by the Central Bank of Barbados (CBB), the NIS, and growing arrears.”

   The IMF described the arrears as large and growing, estimating that “central government arrears rose from 4.3 per cent of GDP at end March 2015 to 5.9 per cent at end of March 2016, including arrears to the NIS.

   “State-owned enterprise arrears are estimated to have risen to 5.5 per cent of GDP, of which the largest share is to the Barbados Revenue Authority (BRA) and NIS. Arrears are impeding private sector transactions, inhibiting investment, and may be contributing to erosion of tax compliance.”

   RBC Caribbean economist, Marla Dukharan, writing in her bank’s economic report for December, stated: “CBB holdings of Government debt expanded 55.5 per cent y/y to BBD1.877 billion or 65 per cent of CBB’s total assets in October 2016.

   The IMF estimates that Government debt accounts for 74 per cent of NIS assets, and that NIS expenditure began to exceed contributions in 2013, rather than in 2024 as estimated in the 14th Actuarial Review.”

   The fact that the Barbados government and its state-owned enterprises are building up arrears, totaling 11.4 per cent last year, means the country is unable to pay off its debts, in particular the interest on its debt, on time—which is the definition of a state of insolvency.

   We here in T&T have some experience of this as the country was forced into the arms of the IMF in 1987-88 after the administration led by ANR Robinson (as he was then known) realised that the imposition of the 10 per cent salary cut for public servants, along with the elimination of cost of living allowances (COLA) would not have been enough to balance the fiscal books.

   Will Barbados seek an IMF stand-by arrangement?

   Up to Monday, I would have said the country would not have gone the IMF route because one of the first conditionalities the fund would demand of the island is that it introduce a floating exchange rate regime. That would remove the long-held fixed exchange rate the governor and the minister have claimed is the way to preserve the population’s accrued savings.

   But, it seems to me, that salaried middle-income households in Barbados (teachers and public servants) have not had a salary increase in eight years and, during that period, have faced a number of new taxes and the elimination of tax credits that have reduced their standard of living.

   How is that reduction in their standard of living different to the immediate adjustment for the entire country that a devaluation would cause?

   If a country is consistently earning less revenue, including revenue from foreign exchange, over a number of years, how do the people in that country not experience a decline in their standard of living?

   People poorer

   The issue is this: do you adopt a measure that forces an immediate adjustment on the entire country OR do you continue to pick the pockets of salaried middle-income households by freezing their wages and imposing new taxes on them every budget?

   The point being, of course, that if a government is earning less revenue over a number of year, it needs to embark on fiscal adjustment by spending less or earning more…or both.

   Some countries in the Caribbean have adjusted their fiscal accounts by selling citizenship (St Kitts).

   In T&T, the government here has been able to cushion the impact of reduced revenue because we have the ability to borrow, foreign exchange savings, a state enterprise that was generating cash (NGC) and TT-dollar assets, which can be sold quickly (FCB, Phoenix Park etc).

   Barbados may not be as fortunate.

   The irony of the Barbados situation is that it had a reasonable 2016 tourism season, in terms of visitor arrivals. Clearly, that money is not being reflected in government revenue there.

   Why?

   Because the Barbados government reduced VAT on the tourism sector, lowered property tax on the tourism sector and provided that sector with a number of other tax breaks as a means of incentivising the sector.

   Could it be that the real breach between Dr Worrell and Mr Sinckler is over the issue of devaluation?

   Loading…
2. 

   David

   February 18, 2017 at 1:52 pm

   
   

   The following extract from the above is instructive.

   If the Barbados government is only able to pay the salaries of public servants by borrowing from the central bank, does that mean there is no bank in Barbados—including the two T&T-owned banks that are located in the country, FCB and Republic—that is willing to lend the country money in order for it to finance its fiscal deficit?

   If the Barbados government issued an eight-year, fixed rate bond through its Central Bank—as the T&T government did this week—would the institutional investors such as the pension plans, insurance companies and the commercial banks in Barbados not take up the bond, as T&T institutional investors did?

   Banks unwilling

   If the government in Barbados is unable or unwilling—because of the high interest rates it would be required to pay—to borrow money from the banks in Barbados, does that mean there are no banks outside of Barbados that are willing to underwrite or arrange a government bond issued by the island?

   When a country reaches the stage where no commercial bank, either local or foreign, will lend it money—and where the main source of deficit financing, the central bank, is warning about the dangers of it continuing to provide financing—then that country’s back is against a wall and the only ladder, shovel or door is the International Monetary Fund (IMF).

   Loading…
3. 

   Ping Pong

   February 18, 2017 at 2:07 pm

   
   

   When a Government does stupidness its citizens suffer regardless of the natural resources the country may possess. case in point Venezuela:

   http://www.efe.com/efe/english/life/rubbish-dumps-are-battlefields-for-the-hungry-in-venezuela/50000263-3137757

   “The deep crisis afflicting Venezuela brought scarcity and hunger, which in turn has entire families looking for food scraps in rubbish dumps, with many poor people fighting among themselves over something to eat or some recyclable item they can sell.

   Speaking with some of the people who rummage through the garbage these days, many told EFE that while there are many dumps, not all are worth digging through.

   The “best” places with “good food” are those where restaurants, bakeries and markets throw away their trash, and it is precisely those “territories” that are “busiest” and most “fought over” by the needy, and also by some gangs which, they said, take advantage of their plight.”

   Barbados has few natural resources but God lives here or so we like to think. Such misery can’t happen here…

   Loading…
4. 

   seeuintown1965

   February 18, 2017 at 2:42 pm

   
   

   I DON’T CARE WHAT HAPPEN, BARBADOS CAN’T GET ANY WORSE THAT THE POSITION IT IN NOW, THIS ROTTEN, PISS POOR, INEPT, LOWLIFETED SCRUFF OF THE EARTH GOVERNMENT MUST LEAVE OFFICE NEVER EVER TO SHOW THE STINKING FACES AGAIN. T&T ARE NOT THE ONLY ONE LAUGHING AT US..WE ARE THE LAUGHING STOCK ALL OVER DE PLACE. DOCILE!! DOCILE!!!! PEOPLE SIT BACK FOR YEARS AN LET DEM GET WAY WID MURDA..NOW SHIT HIT THE FAN ABOUT TO SPLATTER ALL OVER THE PLACE…………I HOPE AN PRAY THE WON’T FIND THE MONIES TO PAY NO BODY, LET THE ISLAND SHUT DOWN……..THE DEMONIC LYING PARTY MUST GOOOOOOOOOOOOOOOO!!!!!!! FULL STOP

   Loading…
5. 

   Violet C Beckles CUP

   February 18, 2017 at 2:45 pm

   
   

   The irony of the Barbados situation is that it had a reasonable 2016 tourism season, in terms of visitor arrivals. Clearly, that money is not being reflected in government revenue there.

   Why?

   Because the Barbados government reduced VAT on the tourism sector, lowered property tax on the tourism sector and provided that sector with a number of other tax breaks as a means of incentivising the sector.

   Could it be that the real breach between Dr Worrell and Mr Sinckler is over the issue of devaluation?

   @@@@@ As I keep saying, If we have to wait for white people to land at out ports to have an economy we are in she-it,

   As I keep saying , How can people come to your country and live better than you? do as they like, move and spend and we pick up the Bill? No Tax No VAT , are we to be slaves even the food prices match then as we fight over $2.50 us an hour or $5.00 DBS an hour slave labor. As the Masters dont pay into out NIS, No enforcement by the DBLP crooks for years, payoff, kick- backs and now our backs are broken.

   Once again the Main way to fix this is the Land, Land Reform or Truth about the land, The DBLP under the words CROWN land or any other lies from Crooks, Liars and Scumbags can not do nothing for they Hold No Clear title to the Land,

   We hold title , CUP , Vote Them all out, We dont need them to Launder what is not theirs, The PONZI CORRUPTION HAS RAN IT COURSE, 30YEARS 1986-2016

   REMEMBER SIR ALLEN STANFORD AND MADOFF MORE THAN 65 BILLION AND THEY ARE IN JAIL IN AMERICA RIGHT NOW, THIS IS WHAT FACING THE DBLP FOR THEIR PART,
   WHO STILL HAVE JOKES ABOUT PLANTATION DEEDS OR VIOLET BECKLES?

   Vote CUP, a word block from the media by orders of the Crime Minister DLP and BLP Owen/Mia,
   More PAIN to COME,, as We warned, NO Clear Titles no Loans from no one, Only a fool would give Barbados a loan under these conditions of Massive Land Fraud,

   Loading…
6. 

   Violet C Beckles CUP

   February 18, 2017 at 2:47 pm

   
   

   Ping Pong February 18, 2017 at 2:07 PM # @ Land Fraud is the Problem Done, cover up by liars and crooks , Understand that, I am telling you what they will never , We hold the title deed to the plantations, Wake up Man

   Loading…
7. 

   Violet C Beckles CUP

   February 18, 2017 at 2:49 pm

   
   

   seeuintown1965 February 18, 2017 at 2:42 PM # no worry We can fix that, We dont even have to Win, Barbados needs Truth, A doctor can not help you if you lie to him.
   Vote CUP.

   Loading…
8. 

   guyaneseonline

   February 18, 2017 at 3:00 pm

   
   

   Reblogged this on Guyanese Online.

   Loading…
9. 

   Bus Driver

   February 18, 2017 at 3:10 pm

   
   

   So much sense in the Guardian article – it is what people have been whispering about for years.

   “But, it seems to me, that salaried middle-income households in Barbados (teachers and public servants) have not had a salary increase in eight years and, during that period, have faced a number of new taxes and the elimination of tax credits that have reduced their standard of living.

   How is that reduction in their standard of living different to the immediate adjustment for the entire country that a devaluation would cause?”

   Exactly so. Devaluation is not all about making exports cheaper – we know Barbados doesn’t export much; devaluation is also a general tax, shared across the population – a tax that will obviously hit the elites, with their hoarded wealth, much harder than the struggling man in street. So the elites invent the consensus that no one in Barbados wants a devaluation. Ask a bus driver do you want your job or your non-existent savings devalued and see what he or she says. Elites are not accustomed to being taxed.

   Enter an IMF programme now and get access to funds at reasonable rates. Right now all the pain of an IMF programme, in fact more, with none of the assistance. Kill de people on PAYE because the spreadsheet in Central Bank says inflows<outflows. Right now no more pain left to inflict.

   Loading…
10. 

    FearPlay

    February 18, 2017 at 3:23 pm

    
    

    This must be how the Jews felt as they stood in line to enter the furnaces – totally hopeless, fearful, helpless, deceived and abandoned. We were once told that we never had it so good and like lambs to the slaughter, the idiots amongst us went out and voted this country almost to its knees. Last election in spite of all indications that this mèage of morons were incapable of spelling Ada backwards, the highly educated population (not) again voted for the destruction of Barbados. Seven years of devaluations, seven years of deprivation, seven years suffering, seven years of declining living standards and we are now being told that it will take a lot of suffering to save the country and to avoid devaluation. WTF do you think has been happening and we were doing for the last seven years? Not one of these pieces of human feces including the Governor, should get a single cent in pension from the Treasury – $250,000 per year plus perks. Sickening!

    Loading…
11. 

    NorthernObserver

    February 18, 2017 at 3:31 pm

    
    

    “What can be deduced is that the CBB directors may have felt that Governor Worrell was making statements about the Barbados economy that did not reflect the sentiments of the entire board.”

    Really? I would deduce that the CBB Directors were happy as long as the GoCB sang a chorus which matched the elected politicos (who appointed the CBB) and they cashed their monthly cheques. But as soon as that chorus changed, the CBB either ignored the change or made the only decision they could (they cannot ask for the removal of the MoF?)

    “Could it be that the real breach between Dr Worrell and Mr Sinckler is over the issue of devaluation?”

    I doubt it. The GoCB realizes he cannot go on towing the line OR the already shrinking choices will become a single option. So he decided to rock the boat a little. He cannot claim he wasn’t complicit, but now he can say “I warned you”. What I suspect the GoCB appreciated, was even in the face of an oncoming onslaught, the fiscal controllers were unwilling to accept defeat was imminent. Hence, they refused to change.

    All those who wish to form the next government please raise your hands. Ah hah, I thought so. Nor can I blame you.

    Loading…
12. 

    NorthernObserver

    February 18, 2017 at 3:35 pm

    
    

    @BusDriver
    “a tax that will obviously hit the elites, with their hoarded wealth, much harder than the struggling man in street.”

    Ya think. That hoarded wealth is offshore in $US. Come again skippa.

    Loading…
13. 

    Bus Driver

    February 18, 2017 at 3:37 pm

    
    

    @NorthernObserver

    That is it true but a lot is looked up their businesses and their pensions. That is why they are so frightened. Man in the street don’t give a damn.

    Loading…
14. 

    David

    February 18, 2017 at 3:47 pm

    
    

    For those who are of the view the independence of the Barbados Central Bank is compromised by all that is unravelling, here is what the Caribbean Development Bank is saying not just about Barbados but the region.

    “In this endeavor, it would be necessary to reform governance structures and institutions to support the new paradigm. Governments would have to be willing to stabilize their economies through fiscal and debt consolidation, implement structural reforms that enhance growth and develop strong, targeted social development programmes,” he said.

    http://www.caribank.org/news/cdb-urges-region-to-act-now-to-create-environment-for-economic-growth

    Loading…
15. 

    Well Well & Consequences

    February 18, 2017 at 4:16 pm

    
    

    Ok…lol

    Loading…
16. 

    David

    February 18, 2017 at 4:29 pm

    
    

    For those who are Smerconish fans (like Sargeant and Dee Word) we listened to an analysis which could easily have described the Barbados landscape. Have a listen.

    http://edition.cnn.com/videos/tv/2017/02/18/fixing-the-divide-how-did-we-get-here.cnn

    Loading…
17. 

    Well Well & Consequences

    February 18, 2017 at 5:37 pm

    
    

    Yeah..the author is right…….Sinckler and Worrell were as thick as thieves..I gotta make myself more omfortable to read this article.

    Loading…
18. 

    Tron

    February 18, 2017 at 5:47 pm

    
    

    Last year we had a party for 7 million BBD. The invoice is coming soon.

    History will show that people participating in BU and other social media were right and that all these pastors in church with their pompous speeches, all these politicians with their alternative facts and all these so-called experts in the news were very wrong.

    Loading…
19. 

    abajanhowe

    February 18, 2017 at 5:51 pm

    
    

    Seems recently that everyone is afraid to call a spade exactly that, and especially the tabloids or what we call the news media [and others].

    We are simply overlooking the fact that most of the players in the Government is “allegedly” hoarding the foreign exchange in off shore banks and draining the treasury. Now that Worrell has finally put his foot down he has become another victim of of the MoF. What of the Directors that is “good friends” with the MoF.

    Squandering money to pay for the Grotto and many empty houses built by NHC, not to mention restoring salaries to the Ministers and the constant lies from the Government and the alleged bribes and secrecy that is deafening the population.

    One sure way to hear our PM speaking into a microphone is to have him go overseas to some meeting or the other and the news media at whatever meeting shove a microphone in his face. He is surest to respond…..

    Loading…
20. 

    Hants

    February 18, 2017 at 6:16 pm

    
    

    Reports are that the cellphones are the disposable type to be discarded after a week’s use. That way, their users can better maintain the integrity of their communications network from possible eavesdroppers.

    Loading…
21. 

    David

    February 18, 2017 at 6:27 pm

    
    

    The thrust of the submission is right on the money. To win an election will required largess to be dissed out if history is to be used as a judged. Given the government is broke how will an unpopular government accomplish the task of winning?

    Loading…
22. 

    Piece Uh De Rock Yeah Right – INRI

    February 18, 2017 at 6:41 pm

    
    

    WHAT IF?

    What if the IMF has already been approached?

    What if the GoB outreach to the IMF has already been made but, as with all the ingrunt ideas of this GoB, the terms and conditions of an IMF engagement were unable to be met?

    What happens if it is clear to the IMF that putting any resources at the disposal of the current GoB is purely speculation?

    What if “off table” brokering is being entertained even as we speak?

    What if, in order to get to the IMF the books at the CBB have to be cooked some more?

    And what if Deliar, erstwhile friend of Chris Decimals Bond does not want this to be his legacy, particularly when CBB colleagues WILL NOT KEEP HIS TROVE OF LIES?

    So the fellows can pay salaries with CBB MONOPOLY MONEY, they can get a tie over through the $$ from SOL and BNOTCL’s sale, BUTCH and KYFIN will not loan any more money on an IOU, to losers so these effers are out to sea without a life raft and our happy asses are out there with them.

    Of course that is conditional of if the Bajan Bad Boys dont kill all of us while we are at the outdoor events like at Holetown Festival or Oistins or Kadooment or just in town pun a Saturday shopping.

    By the time that this new government takes the reigns there is not going to be anything to rule over other than economic mayhem and drive by shootings and giving pretty speeches at funerals, one for the economy and the other for the citizens.

    Loading…
23. 

    Tron

    February 18, 2017 at 6:52 pm

    
    

    @abajanhowe

    Wise comment. There must be a second cause for the shrinking reserves, namely capital flight! We all know people having foreign accounts in USD, GBP, CHF or EUR, we all know that there is constant transfer of assets out of the island and deals in Barbados going directly from foreign account to foreign account.

    I guess, lots of apartments next to Central Park in NYC and at Lake Geneva are now in Barbadian hands.

    Loading…
24. 

    Tron

    February 18, 2017 at 7:24 pm

    
    

    @PUD Rock

    The already ongoing negotiations between IMF and MoF are like a mental disease:

    First, only the patient (aka MoF) knows it.
    Second, the public also knows it.
    Third (still to come), only the public knows it (since the MoF is OUT).

    Loading…
25. 

    Gabriel

    February 18, 2017 at 7:30 pm

    
    

    We recall the great wise man from Marchfield dissing the rating agencies…..I don’t have to listen to them….they don’t live in Barbados.They have an opinion,I have an opinion…
    Some Barbadians say the cabinet should appoint an eminent person to advise the government on the way forward…well Mr Sinckler is eminent for me….etc Now all will eat crow!

    Loading…
26. 

    are-we-there-yet

    February 18, 2017 at 8:00 pm

    
    

    Tron; Re. your 6:52 pm post:

    I guess, lots of apartments next to Central Park in NYC and at Lake Geneva are now in Barbadian hands.

    You forgot Toronto and Montreal and other Canadian cities?

    If David gets DD to search he might find some interesting Real Estate transactions in Canada in the multi million CAN$ range.

    In any case, imho, the posts on this blog are at last getting close to what might be the true state of the economy and the motivations of the main players in the CBB gambit.

    Loading…
27. 

    ac

    February 18, 2017 at 8:08 pm

    
    

    same ole rethread comments from 2012 that did not add up to a hill of beans

    Loading…
28. 

    Violet C Beckles CUP

    February 18, 2017 at 8:13 pm

    
    

    http://epaper.barbadostoday.bb//launch.aspx?eid=bc6d1f24-5796-463c-9882-da1cdc6a2deb

    News Cast and page 8and9 Best Barbados Today ever Printed, No Clear Title 60 Million$ went back to the IDB

    160 Million$ Went Back for FOUR SEASON IDB

    40 MILLION$ FOR A WATER DAM , CANADA
    140 NHC HOUSES MISSING UNDER BLP MIA AND OWEN
    500 MILLION$ MISSING FROM NHC
    GOVERNMENT LOAN NEAR 400 MILLION$ MISSING
    VAT AT 15% MISSING 20 YEARS ?
    WHERE IS ALL THE MONEY DBLP GOVERNMENT MINISTERS?

    VOTE THEM ALL OUT , TIME TO GO, VOTE CUP WE HAVE THE ANSWERS AND THE CURE, WE HOLD THE DEEDS ,

    Loading…
29. 

    Tron

    February 18, 2017 at 8:28 pm

    
    

    @Beckles

    You see, fake news light years ahead of Trump “Gold fingers”.

    I guess, later generations of historians will put the years 2017/18 in the same category as 1816 and 1937. 2018 would perfectly fit into this category, since number 8 follows 7 for riot and 6 for St. Bussa.

    Loading…
30. 

    Bajan in NY

    February 18, 2017 at 10:26 pm

    
    

    One would have expected minister of foreign affairs, Ms. Maxine McClean, to confirm the news, of 19 Barbadians detained in the USA, she received in an email from an individual with the Barbados Consulate in New York before passing it on to the Prime Minister to have him announce the false information to the nation and the region.
    I had my doubt about the information from the time I heard it because I heard nothing of such events having taken place, but I received several false messages of that nature every since Pres. Trump signed the immigration related order(s).

    Loading…
31. 

    Bush Tea

    February 19, 2017 at 12:07 am

    
    

    @ Bajan im NY
    …and why exactly would you expect professional behaviour from Ms McClean as Foreign Minister? Where has she ever exhibited such professionalism before?
    Where else in the shiite government we have do you see the kind of professionalism of which you hint?
    Ms McClean is following the dictum … when on Rome, do as the Romans do….

    She is currently in a Brassbowl Cabinet where ignorance is bliss…. even if she knew how, …it would be folly to be wise.

    BTW, the KING of ALL fools gave the lecture today in George Street and they brought extracts on the news …just to embarrass his Moontown donkey (as if that was possible)….

    Kellman said that an EIA was not needed for the Hyatt because one was done for the Area …in fact two – one for Hilton, and one fro the Pierhead Marina. He informed us that an EIA is done for an ‘AREA’ and since that ‘area’ was already done …. all is good for the Hyatt….Oh Shiite!!!

    Do you understand the kinda female rabbits we have spending our money?

    Even Dompey would know that an EIA is a study of the likely impact that the PROJECT UNDER CONSIDERATION will have on the various environments (physical, coastal, social, economic etc) …. so how the hell would a Hilton EIA be able to address the impact of a Hyatt 20 years later?

    Boss, we have jackasses of biblical proportions grazing in our parliament….except that, unlike Balaam’s donkey – our top jackass seem unable to even speak coherently.

    Loading…
32. 

    Well Well & Consequences

    February 19, 2017 at 4:49 am

    
    

    Bajans in NY…neither the consulate in NY nor the government would know if any bajans were detained under the immigration sweep unless contacted by the detainees’ family members, who may have heard by now, or not…,,or the detainees themselves waive the immigration process and allows ICE to contact the consultate to arrange travel…via deportation….it all takes time, the rumor cannot be discounted, until such time…

    …..both McClean and Fruendel are whistling in the wind, immigration will not give them or the consulate any information until such time.., and if the detainees opt for an immigration court process…they will get no information at all except if contacted by family members. Attorney/client privilege also kicks in with immigration processes. There is nothing the Barbados government can do anyway, except sit and wait it out, just lijpke the detainees. I dont know why Fruendel even bothered jumping out to make any comments…he is powerless and obviously clueless to these US immigration procedures.

    Bajans have been deported from US before….this is nothing new, they deport anyone.

    Loading…
33. The Jeff Cumberbatch Column – Enjoining a Dismissal | Barbados Underground

    February 19, 2017 at 6:30 am

    
    

    […] made by the Trinidad Guardian in a column published last week Thursday under the caption, “Is Barbados insolvent?” and written by Anthony […]

    Loading…
34. 

    Well Well & Consequences

    February 19, 2017 at 6:45 am

    
    

    http://www.nationnews.com/nationnews/news/93733/arthur-imf

    They will have to go IMF anyway, may as well get it over with as soon as.

    Arthur: Go to IMF
    BARRY ALLEYNE, barryalleyne@nationnews.com
    Added 19 February 2017

    THE GOVERNMENT OF BARBADOS is facing an “economic checkmate” and has run out of options,
    Police officer stabbed in The City…
    And the now Independent Member of Parliament is calling for embattled Governor of the Central Bank, Dr DeLisle Worrell, to state whether the International Monetary Fund (IMF) has been approached to assist the country with an austerity programme.

    Without going as far as saying the country should seek an exchange rate adjustment (devaluation) from the IMF, Arthur said Government could not be blind about the situation it faces.

    “They know what they have to do,” he told the SUNDAY SUN yesterday.
    by Taboola Promoted Links

    http://www.nationnews.com/nationnews/news/93732/worrell-word

    And Worrell should know that his words do not amount to a can of beans if he does not tell the people publicly who besides the government minìsters are responsible for the flight of all that foreign exchange, missing millions and deliberate destruction of the economy. If his own credibility and reputation is to be restored. …there is no getting around that….Neither for him nor government.

    All Worrell said in that letter is what ALL the creating agencies and IMF have been tlling both governments since 2005…long before Worrell joined central, he obviously did not listen to them either…steuppsss.

    “CENTRAL BANK GOVERNOR Dr DeLisle Worrell wrote Minister of Finance Chris Sinckler expressing concern about the country’s falling level of foreign reserves.

    In the letter dated January 31, 2017, which was sent to the SUNDAY SUN, Worrell told Sinckler the board of directors which he chaired, had “expressed deep concern about the current state of the international reserves”.

    Worrell told the minister: “They requested that I convey to you their view that the reserves have now fallen to a level which creates deep apprehension in the community and has the potential to undermine the exchange rate.”

    He added: “The board is of the view that decisive action is needed on project implementation and expenditure reduction to achieve announced fiscal targets, if the Government’s credibility is to be restored.”

    See more at: http://www.nationnews.com/nationnews/news/93732/worrell-word#sthash.5XFX23RO.dpuf

    Loading…
35. 

    Well Well & Consequences

    February 19, 2017 at 6:54 am

    
    

    Bajans have been deported from US before….this is nothing new, they deport anyone.

    And in saying that….deportation is nothing to be ashàmed about either. ….it’s just one of thse destuctive man made evils, not to be taken seriously, implemented by whichever government of the day who use procedures to pretend they own a country….it has been happening for thousands of years, since the day the evil side of man realized it is a tool that can be used to control people and governments.

    Loading…
36. 

    Well Well & Consequences

    February 19, 2017 at 7:03 am

    
    

    http://www.nationnews.com/nationnews/news/93723/rock-hard-grip-trinidad

    Malony has gone the right plàce, much lucķ to hm, may he return every cent back to the Barbados treasury…..in gratitude to Barbados and it’s people. Now he knows how bajans feel when they are barred from being competitive in their own country, now the shoe ìs on the òther foot.

    “THE DUST MAY have cleared from the cement war here in Barbados, but the same can’t be said about next door in Trinidad and Tobago.

    Having made a big splash into the Barbados cement market in 2015, locally owned business Rock Hard Cement has now stuck its talons even further into the regional sector, taking a chunk of market share in Trinidad, St Vincent and St Lucia.

    And according to chief executive officer and chairman Mark Maloney, the battle in Trinidad against the region’s largest cement producer Trinidad Cement Limited (TCL) is on.
    “Trinidad is a very tough market. It’s very price-competitive. It’s the home base of TCL, and they have done everything they can to stop us from getting into the market. But we made sure we got into the market, and we have prevailed,” Maloney told the SUNDAY SUN.

    See more at: http://www.nationnews.com/nationnews/news/93723/rock-hard-grip-trinidad#sthash.90WWbzex.dpuf

    Loading…
37. 

    David

    February 19, 2017 at 8:22 am

    
    

    The revelation in today’s newspaper that the Governor was directed to write the MoF read government in a letter dated 31 January 2017 is good grounds for the Board and MoF to resign given all that has been revealed in the last week. What a bucnh of yahoos.

    Loading…
38. 

    David

    February 19, 2017 at 8:28 am

    
    

    Further: today’s front page in the Sunday Sun is embarrassing to tears. To think we have all these ‘credentialed assholes’ sitting on a Board, in senior management of the central bank, at the ministry and we have allowed the state of affairs to deteriorate to such a level. Houston, we have a bigly problem. To compound the issue as Inkwell has pointed we have a general election on the horizon. It is not unreasonable to think these yahoo will compete to win a third term. May God have mercy on our sorry asses.

    Loading…
39. 

    David

    February 19, 2017 at 8:35 am

    
    

    Here is the senior management of the central bank:

    Although not as culpable, they all sat back and earned their fat salaries while Rome was burning. We can give Cleviston a bit of a pass given his leaked letter. Why wait so long? Even when the Governor blocked press conferences the senior management should have revolted. It was only last week when the Rt. Bishop John Holder referred to the Bajan brand earned across the region of being docile.

    Senior Management

    Dr. R. DeLisle Worrell. Ph.D

    Governor

    Mr. Cleviston L. Haynes, M.A. (Econ.)       
    Deputy Governor

    Mr. Elson A. Gaskin, LL.B (UWI), L.E.C., M.B.A., M.I.C.B.S.,
    
    Deputy Governor (Ag)

    Ms. Sadie P.O. Dixon, LL.B., LL.M., L.E.C.,
    
    Secretary to the Board (Ag)

    Mrs. Michelle Doyle Lowe, B.Sc., M. Phil, CFA
    
    Director Research & Economic Analysis Department (Ag)

    Mr. Michael D. Carrington, F.C.C.A., M.B.A.
    
    Financial Controller

    Mr. Peter H. Whitehall, M.P.A.
    
    Advisor (Ag)

    Miss Celeste J. Wood, M.Sc., M.B.A.,
    
    Advisor

    Mrs.Marlene E. Bayne, M.B.A.
    
    Director,Bank Supervision

    Miss Janice D. Marshall, M.B.A.
    
    Director,Management Information Systems

    Mr. Charles Briggs B.Sc(Elect. Eng), M.B.A., CEng
    
    Director,Facilities Management

    Mr. Ian Collymore, M.Sc.
    
    Director,Foreign Exchange and Export Credit (Ag)

    Miss Julia A. Weekes, B.Sc., CFA.
    
    Director,Banking, Currency and Investments

    Mrs. Janis O. Marville, M.Sc
    
    Director,Human Resources

    Mr. Steve A. Vaughn, C.I.A., F.C.C.A.
    
    Director,Internal Audit

    Mr. Anton Belgrave Deputy Director, M.A. (Econ)           
    Deputy Director, Research and Economic Analysis Department

    Mrs. Sheryl Perter- Kirton, M.Sc. 
    Deputy Director, Research and Economic Analysis Department

                -           
    Deputy Director, Foreign Exchange and Export Credit (Ag)

    Ms. Debbie Briggs, B.Sc, FCCA
    
    Deputy Director, Banking, Currency & Investments

    Miss Octavia O. Gibson, M.Sc., B.A., J.P. PMP
    
    Deputy Director, Banking, Currency & Investments

    Hartley O .Jordan, MBA
    
    Deputy Director, Facilities Management

    Mr. Peter deC. Rochester, M.B.A.
    
    Deputy Director, Management Information Systems

    Mrs Cheryl Greenidge B.Sc. M. B. A.
    
    Deputy Director , Bank Supervision

                -          

    Loading…
40. 

    David

    February 19, 2017 at 9:48 am

    
    

    A reliable source not that the independent Central Bank of Barbados has been compromised.

    

    Act now!

    Loading…
41. 

    Violet C Beckles CUP

    February 19, 2017 at 10:26 am

    
    

    http://nakeddeparture.online/barbadians-will-be-sacrificed-during-election-time/

    A ND Rock and a Hard Place lolol

    Loading…
42. 

    Well Well & Consequences

    February 19, 2017 at 10:35 am

    
    

    Oh my…..looks like Naked Departure is back……what a thing.

    …… what happened Anonymouse…lol

    Loading…
43. 

    David

    February 19, 2017 at 10:39 am

    
    

    It looks like PM Stuart should watch the company he keeps? Is this the Cutting woman who runs Naked Departure draped on his right?

    Prime Minister Stuart in the company of Sherri Veronica of Naked Departure

    Loading…
44. 

    Well Well & Consequences

    February 19, 2017 at 10:41 am

    
    

    That is what happens when Bajans sit down and let evil rule because they only think of their salaries and never about what is just or right….they arectoo self-involved…never think of repercussions. …or consequences to their fellow brethern and sistren.

    This happened because they are all weak people, no strength like their ancestors had, they got soft and weak and pliable….just like play doh…..

    Loading…
45. 

    Well Well & Consequences

    February 19, 2017 at 10:48 am

    
    

    Oh boy….damn, if it was not pointed out, I would not even know, is he a personal friend.

    Loading…
46. 

    David

    February 19, 2017 at 10:56 am

    
    

    When was this photo taken? And is this her daughter on the other arm? Is the PM even aware who?

    Loading…
47. 

    Bush Tea

    February 19, 2017 at 11:07 am

    
    

    @ David
    It is difficult for Bushie to understand your disappointment with the Central Bank Board.
    Do you recall the CLICO board?

    ALL Bajan boards are comprised of a bunch of AC’s with shiite degrees from UWI and many with histories of personal failure or dishonesty in their dealings….

    Loading…
48. 

    David

    February 19, 2017 at 11:14 am

    
    

    
    Credit: Nation Newspaper

    Loading…
49. 

    enuff

    February 19, 2017 at 11:23 am

    
    

    Bushie you real deadly though. lol

    Loading…
50. 

    Hal Austin

    February 19, 2017 at 11:29 am

    
    

    Is the Scandinavian Bjerkham a member of the central bank board?

    Loading…