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Does White Oak Have a Plan B?

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The Mia Mottley government forced a debt restructure on locals holding bonds. The government boasted about the speed it was completed although truth be told it was a Hobson’s choice.

On the other side of the debt restructuring transactions the external bond holders have so far been nettlesome at the negotiating table. Approaching 18 months and there appears to be a stalemate in the negotiation. The Mia Mottley government has been unable to deliver on a promise that the debt restructure transaction would have been closed by now.

Senior members of the BU family have taken umbrage to a recent comment by one of the government’s financial advisors Avinash Persaud.  Here is a pertinent quote.

What we have been trying to do is to get the best deal possible for Barbados, which means that it can’t be the quickest deal possible. If you play poker do you fold early? If you don’t need to borrow for four years you have a good hand. So, we are following the right strategy – No backing down

The blogmaster must agree at the idiocy of the statement when viewed through the eyes of a good poker player.  A good poker player will fold based on the game situation. It does not have one Rh to do with early or late in the game.

The blogmaster appreciates there is an element of table craft that will be exercised by actors sitting around a negotiating table. One must however critique the judgement of Persaud to feel embolden to have issued such a statement at this juncture in the negotiation.

Despite a bevy of officials recruited by the government with job descriptions to cover finance, communications, public relations and media liaison –  the public is left to speculate as to the current state of negotiations with the external debt restructure transaction.

Given the perilous state of the Barbados economy and the time it is taking to close the debt restructure deal with external creditors – the more aware citizens excluding the yard fowl variety – have started to examine the increasing downside risks threatening the Barbados recovery program. The blogmaster counts himself among those who is now very concerned that the high price White Oaks team has been unable to resolve the wedge issues.

It is time to go to plan B.

Do we have a plan B?

 

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322 responses to “Does White Oak Have a Plan B?”

  1. John A Avatar
    John A

    @Vincent

    First thanks for your kind words

    That is what I been trying to explain to people on this issue. There was really never a plan A other than to pay WO $85000 a month to drag out this negotiation for as long as possible. The utterances of the Professor have now confirmed that.

    As Hal said above these people due every cent they are owed and i don’t know how telling them ” we ain’t rushing to deal with you all cause we ain’t borrowing from you no time soon” is suppose to foster good intent for negotiating.

    People also seem to think the liability we ran up during the default period under the old agreement will not too have a price. Then again I don’t blame them for thinking this cause the press or no one else have bothered to tell them different.

    Help me try to explain it cause I can’t make it no clearer.

    This thing really vexxifying me today! Lol

  2. Hal Austin Avatar
    Hal Austin

    @ Vincent

    @John A is remarkable. This is why I admire dons. The idea of having arguments with spotty faced youths about things they know nothing abut is not my idea of fun. At least with BU I can switch off my laptop and do something else.
    @ John A, Bajans do not reason. They argue. It is the rum shop culture, out of which our political culture has emerged.

  3. Enuff Avatar
    Enuff

    Hal does mek me laugh, yes. The way he paints Barbados and Bajans on BU leads me to believe that he did indeed behave pompous at the townhall event in London. I understand he applauded nothing and no one, just sat as if enthroned. You’ll never hear me call Bdos a failed state, especially when it’s being promoted by folks who are comfortable in Trumpland and in the Brexit-UK.

  4. David Avatar
    David

    @John A

    Here is Grenada’s current credit rating.Do not give up dear man.

    https://countryeconomy.com/ratings/grenada

    This FT links paints the sorry picture of Grenada before the ‘bounce’ post default.

    Do not give up John A.

  5. David Avatar
    David

    @enuff

    We are from Barbados.

    We are Bajan to the bone

    We are NOT from the North

    #LOL

  6. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    ..”along with Marion Williams and a Dr somebody from Trinidad when Marion Williams said the crisis would not affect Barbados.”

    That is all every as*hole in both DBLP kept saying, dumb as rocks and FOOLING THE PEOPLE NONSTOP…even with 23 downgrades…they were and ARE…STILL LYING.

  7. Lorenzo Avatar
    Lorenzo

    Hsl Austin why you do not give your expert advice to the UK government on how to get a brexit deal going and leave out the failed state. Imagine this bajan saying that the external creditors should not settle for lesd than 100% of their money hoping that the in my view traitor zWorrell giving them good advice.Tell me this sounds like a bajsn interested in the welfare of bajans?In my view those two traitors can go to hell and carry along the madman and madwoman and all the daily bellyachers with them.

  8. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “especially when it’s being promoted by folks who are comfortable in Trumpland and in the Brexit-UK.”

    Everyone KNOWS what to EXPECT ..from both of these former enslaver countries..

    … i sure as hell won’t allow you to knock the US, not when so many black bajans..HAVE HAD TO ESCAPE TO US..to get away from you demons so they can at least have a chance at OPPORTUNITIES AND FREE ENTERPRISE….because you evil negro sell outs…have been stealing their opportunities, their lands and their children’s FUTURES…for over 70 years…

    HAVE YOU NO SHAME..

  9. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU

    Surely you do jest. Is a grade A rating an acceptable political objective for Barbados , or the standard and quality of life of its citizens? You have your sights set on the wrong targets. And they are not sustaining ,nor sustainable.

  10. David Avatar
    David

    @Vincent

    It represents a long climb from SD maybe? You may recall Barbados was hovering at junk status before SD.

  11. Hal Austin Avatar
    Hal Austin

    @ Lorenzo

    In case you misunderstand me, let me spell it out: the external creditors should insist on every penny they are owed. Not a cent less. Failure to pay should mean selling the debt at a discount to a hedge fund, who would/should demand all their money.
    This is the price for trying to punch above your weight. Pay up. This new, reactionary nationalism does not cut any ice with me. It is the nationalism of the scoundrel, of the crook, of the amoral.
    It is the same amorality that leads lawyers to rob their clients, to priests and undertakers stealing the assets of the dead, of teachers failing to teach then offering private lessons in the same subjects to the parents of children they have failed, of governments compulsorily purchasing land for private property developers. It is the nationalism of the Mafia, gangster capitalism.
    Pay up or suffer the consequences.

  12. David Avatar
    David

    Will the local courts rule on this case before the BLP leaves office? We know it will have to go to the CCJ.

    A retired public officer is suing the Government over its decision to change the terms of his $250,000 Treasury Note investment as part of its recent debt restructuring programme.

    Former school teacher Alvin Foster of No. 30 Stage 1, St Silas Heights, St James is asking the High Court for an injunction to reverse the decision claiming that Prime Minister and Minister of Finance Mia Mottley overstepped her authority when she – along with the Government – unilaterally changed the terms of his contract to his detriment, to give effect to the Debt Holder (Approval of Debt Restructuring) Act, 2018. He will have his day in court tomorrow.

    In a 12-page claim document dated May 13, 2019, that calls for a judicial review of the decision, the 64-year-old pensioner has also included in the suit, the Accountant General Dane Coppin as the first respondent; the Central Bank of Barbados as the second and the Attorney General Dale Marshall as the fourth.

    https://barbadostoday.bb/2019/07/23/debt-suit/?fbclid=IwAR214Jo7UVlEnepicA97CtCsVnggYULs8oCAALWa9mbEGu8MvXzQWCmxJU4

  13. Mariposa Avatar
    Mariposa

    Hal many barbadians have that concept of owing people and refusing to pay
    When asked tells the person that they have to wait
    But never says when they will make a payment or pay back the money
    This kind of thinking is nothing new only this time it is played out in the international world for all to see
    Just a part of the barbadian DNA whichs add up to ungratefulness

  14. William Skinner Avatar
    William Skinner

    When all is said and done, this is what actually happened:
    Stuart and company left the economy in a mess. The then opposition (pretended) made corruption; the reinstatement of free university education and the removal of the NSRL the talking points of its platform. The major plank was Corruption.
    There was no mention of any economic plan. On assuming office they went straight to the IMF. Nobody new anything about White Oaks. The cool aid drinkers heralded successful begging as an economic strategy. They were all over BU spouting nonsense. Suddenly we realized that the economic policy had two major components: Begging/borrowing and refusing to pay debts.
    In any ordinary household that will mean disaster but again the cool aid drinkers bust their bellies.
    Now they realize some hard facts.
    They realize that the IMF running things; that removing the NSRL did not bring down prices; boasting about borrowed foreign reserves and owing international creditors don’t equate to growth.
    However the bitterest pill for them is the hatred of one Mark Maloney that is now the hottest love affair.
    Desperation is now about to set in. They realize not one politician going to get lock up. They realize that political favors and kisses are in abundance.
    They simply do not understand that we change parties not governments. At the very beginning they were told that 2033 is the year identified as the date our problems will be solved.
    It’s only fourteen months and they are crying like babies left in an isolated forest.
    Nobody will hear them.
    The Duopoly never hears them outside of red and yellow T-shirts; fetes they call political meetings where alcohol is sold to minors. One big party every five years or so.
    Drink up ……. fourteen years to go

    The Duopoly Rules

  15. Georgie Porgie Avatar
    Georgie Porgie

    RE You’ll never hear me call Bdos a failed state, especially when it’s being promoted by folks who are comfortable in Trumpland and in the Brexit-UK.

    WE CAN PUT OUR HEADS IN THE PROVERBIAL SAND
    BUT IF IT IS A FAILED STATE IT IS A FAILED STATE AND IT DOES NOT MATTER WHERE YOU ARE LOCATED
    ONES LOCATION DOES NOT ALTER THE REALITY

    WHETHER ONE IS comfortable in Trumpland and in the Brexit-UK. SOON IT WILL BE THE TIME OF THE ANTICHRIST’S ONE WORLD GOVERNMENT WHEN YOU WILL NEED THE MARK OF THE BEAST TO BUY OR SELL

  16. Bajan in NY Avatar
    Bajan in NY

    @Lorenzo July 27, 2019 10:41 AM

    Hsl Austin why you do not give your expert advice to the UK government on how to get a brexit deal going and leave out the failed state.

    You should know better than to expect anything better from the self-hating bullshitter from the Ivy. He is apparently still pissed about the money he was duped out of by the time-share people in Bim – lol.

  17. Hal Austin Avatar
    Hal Austin

    @ Mariposa

    You are right. There are those who believe that we messed up and ran up a massive debt, but the creditors should be understand and accept part-payment. Further, and this is the amoral bit, they believe all honourable Barbadians should support this position, unquestionably.
    This moral black hole is post-independent. The Barbados I grew up in, if you were wrong you got flogging and had to apologise to whoever you offended. Now I see parents going to schools and backing their kids, no matter what. The nation has sunk in to a sewer.
    And it has spread throughout the entirety of our culture: people expect to be given jobs, even if they are not fully qualified; people want big homes, cars and overseas holidays, even if they cannot afford them. What has gone wrong? Where is the church in all this?
    Now we have keyboard gangsters encouraging people not to pay their debt. The nationalism of the gangster.

  18. Pachamama Avatar
    Pachamama

    Sir William

    You were never so harsh on the DLP, even after 10 years of mayhem.

    But yet, it is you who would want to believe that all the ills of the duopoly are to be cured by the Mugabe regime in just over a year.

    You certainly never brought the spectre of a guillotine anywhere near the neck of FJS, until yesterday.

    Your general narrative about current events lack fairness, is seemingly characterized by an axe to grind mentality.

  19. David Avatar
    David

    @Pachamama

    Curious about your use of the title SIR when addressing William knowing your disdain for this trapping from a not too distant colonial past.

  20. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “The major plank was Corruption.
    There was no mention of any economic plan. On assuming office they went straight to the IMF. Nobody new anything about White Oaks. The cool aid drinkers heralded successful begging as an economic strategy. They were all over BU spouting nonsense. Suddenly we realized that the economic policy had two major components: Begging/borrowing and refusing to pay debts.”

    Their own DISHONESTY and LIES…will take them down..

  21. Gabriel Avatar
    Gabriel

    These over and away bajan born JA’s who kiss Trumps and Johnsons redazz and quote a book of a thieving sect out of the Middle East in a world that’s 5 billion years old but which book contains a narrative of 2-5 millennia ago.Any black man or woman who supports the dogma of trump especially should be frog-marched to the parade square at the crack of dawn.These ignorant JA’s have neither the pride nor the industry of which Dipper spoke.Black Americans should spit on the Trumps.One black JA in a cabinet of all whites.Blacks earning the lowest income in their lives while white Americans have a superior life.Eff Trump.The Brits will toss Johnson azz on the trash heap in a few months.

  22. William Skinner Avatar
    William Skinner

    @ Pacha
    I have been the most critical of both parties consistently on BU. You called for the guillotine and I condemned both to the political graveyard. To say that I only called for the guillotine yesterday is pure hogwash and you know it. We both speak metaphorically. You choose yours and I choose mine.
    My comments if you were to comprehend them correctly were directed at cool aid drinking apologists. Why on earth would you sink to childish nonsense about having some axe to grind. You seem to have recently opened an institute where you are instructing imagined students how to think and write!
    No where in my humble submissions have I separated or tried to separate the two headed monster. I have never suggested that our Prime Minister or anybody else can turn around the country in a year. You will note that I don’t ever refer to the PM in any derogatory manner.
    Quite frankly I don’t expect anything radically progressive to come from within the confines of Roebuck and George Streets.
    In other words as long as the Duopoly Rules I don’t expect our problems to be solved in even five hundred years. Not really, NEVER!!

  23. Mariposa Avatar
    Mariposa

    Hey and dont forget this govt going to create growth with a grand gala of a 2020 event of having the diaspora emptying their pockets at free will
    Wuh loss what next

  24. David Avatar
    David

    @William

    How can the problem be the duopoly which are two groups comprised of citizens of Barbados? Is it more about the inability of our people to harness and represent new ideas?

  25. TheOGazerts Avatar
    TheOGazerts

    It bothers me when some question the patriotism of others or dare that a suggest that a Bajan cannot comment on what is happening in Barbados/.

    Some seem to think that patriotism is “my party, right or wrong”. little realizing that the corrected phrase is “My country, right or wrong; if right, to be kept right; and if wrong, to be set right”.

    Some may have thoughts on matters in foreign countries that are different from my own, and on those matters I am unable/refuse to contribute; however, I cannot or will never question their patriotism. They have as much right on BU as any other group of Bajans.

  26. Georgie Porgie Avatar
    Georgie Porgie

    RE Gabriel July 27, 2019 11:49 AM

    These over and away bajan born JA’s who quote a book of a thieving sect out of the Middle East in a world that’s 5 billion years old but which book contains a narrative of 2-5 millennia ago.

    YOU ARE A MAN WHO SAYS I enjoy the Anglican music as found in the singing of the psalms,canticles,hymns and anthems and carols.Still do.Mine is the ministry of music.

    TELL ME SIR ON WHICH BOOK ARE the psalms,canticles,hymns and anthems and carols. THAT ARE YOUR MINISTRY OF MUSIC BASED

    SHAKESPEARE AND MUCH LITTERATURE THAT YOU EDUCATED FOLK CITE CONTAINS A NARRATIVE THAT IS OLD TOO—EXCEPT THAT NOT AS MANY OF THE ORIGINAL MANUSCRIPTS ARE AVAILABLE AS THERE ARE FOR THE book of a thieving sect out of the Middle East IE THE DEAD SEA SCROLLS

    TEACH ME HERE MAN CAUSE YOU LIKE YOU WANNA CONFUSE ME

  27. William Skinner Avatar
    William Skinner

    @ David
    I am a mere observer of the decadent political class that is trying its collective best to destroy our country. You know full well that a rudderless ship will eventually crash into rocks or shallow waters. It will finally disintegrate. The passengers who pay for a cruise expect the cruise liner to deliver the product.
    You will note the opening of Gypsies classic calypso, Captain the ship is sinking: “ The Trinidad a luxury liner sailing the Caribbean Sea with an old captain called Eric Williams…..,.. “
    He did not open with passengers.
    The electorate essentially represents the people. The people choose this ship we call the Duopoly. This ship is expected to carry them safely.
    Of course citizens have the responsibility to also look out for their safety while on board: stay away from the deck ; don’t go too close to the rails etc. I gather that’s your main point.
    However the citizens of Barbados have been more than vigilant. They are orderly; survive on inferior wages and they more often than not forgive the mistakes of the captains. Occasionally they march ; go to work in sick buildings ; endure non collection of garbage; often cannot get regular supply of water and travel on potholes. They don’t have proper buses and sometimes fall into wells that are not maintained. In spite of this all they are then treated with contempt by the collective captains.
    The question therefore my Brother is not if the citizens can do more but whether the captains are doing anything at all on the good ship Barbados.

    The Duopoly Rules

  28. Lorenzo Avatar
    Lorenzo

    I never thought i would agree with Pacha but i agree with him on this , in my view joker Dem apologist Mr Skinner.Notice everyday he is on here critical of everything this government does conveniently forgeting who has us in this mess., his beloved Dems.It baffles me how an inteligent person can expect a nee government to turn around such a mess in 14 months.Then he speaks of duopoly trying to compare the worst government in the history of Barbados with any other,pure folly.

  29. Enuff Avatar
    Enuff

    David
    A 5% average growth is quite impressive, something must be working. Clearly they had no intention of going to the market for financing while they restructure but targeted growth. Talk about the other positives now though. Note that I am not saying this will be Bdos’ path, but do you prefer below investment grade with no growth and 175% debt to GDP?

  30. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “Some seem to think that patriotism is “my party, right or wrong”. little realizing that the corrected phrase is “My country, right or wrong; if right, to be kept right; and if wrong, to be set right”.”

    And none of them KNOW that patriotism is another WEAPON..used to enslave their WEAKENED MINDS…

    everytime something new is devised and designed by the same demons generation after generation for the last 400
    years….the ones most NEGATIVELY impacted are black minds…already targeted for destruction..it is a PATTERN..

  31. David Avatar
    David

    @enuff

    The government will be measured by results after say 3 years. Have no problem with trying disruptive positions given the performance of recent decades. The key will be to show results and at the same time inspire the citizenry to stay the course.

  32. William Skinner Avatar
    William Skinner

    @ Lorenzo

    You agreeing with an erudite mind such as Pacha is a great improvement. There is hope after all.
    Your baseless attempts to connect me with the decadent Duopoly will continue to fail.
    Please show where “ every day” I am here on BU criticizing this government. I have chosen to condemn both parties . I do not separate them. To me they are one and the same. To put it clearly: Whatever good that has been done I give them both the credit. Whatever bad that has been done I give them both the blame.
    I will however suggest that you continue to agree with Pacha and you would certainly benefit. I look forward to your continued vain attempts to associate me with the decadent Duopoly in any form. You are certainly not afraid of failure.
    To Pacha , congrats on the obvious penetration. There is hope. Have a good weekend Lorenzo.

    The Duopoly Rules

  33. Hal Austin Avatar
    Hal Austin

    The government will be measured by results after say 3 years…….(Quote)

    Why three years, or not five, or ten, or 20?

  34. David Avatar
    David

    Because a political party it is in the business of winning elections.

  35. Hal Austin Avatar
    Hal Austin

    Political parties are in the business of improving lives, making society better. They win elections as a way to power, not as an end in itself – unless they are in Barbados.

  36. David Avatar
    David

    Believe what you want.

  37. John A Avatar
    John A

    I hear some here talking about returning to growth but wouldn’t that require a growth plan to begin with?

    Would growth not also require capital from the foreign markets for the private sector to have access to?

    Would the fact that our government defaulted and is by their own admission in no hurry to settle, help those from here now wishing financing from these entities in a negative light?

    For us to access capital on the foreign markets this matter must be he first settled. Until then the pie in the sky talk about projected growth is utter propaganda spread to the public in order to usher in a sense of stability.

    So wunna keep the Koolaid for those that drink blindly!

  38. David Avatar
    David

    @John A

    You assume domestic financing is not available?

  39. Hal Austin Avatar
    Hal Austin

    Believe what you want.(Quote)

    Childish tantrum

    @John A
    You assume domestic financing is not available?

    Just to remind you, the government has just defaulted on its debt – domestic and foreign.

  40. Pachamama Avatar
    Pachamama

    What is ‘childish’ is to ask sensible people to believe in the old fashion Kool-Aid.

    Modern political parties exist to win elections and thereby consolidate wealth into fewer and fewer hands. Of course, there are a few exceptions to every rule. Indeed, the exceptions prove ‘our’ rule.

    Maybe that old fashion shiiite had some relevance decades ago, but not today.

  41. William Skinner Avatar
    William Skinner

    @ David

    I think David has a point here. Ever since the mid seventies, we have seen continuous electioneering and very little else. The Duopoly apparently exists to only win or lose elections. Anybody who has followed regional politics could attest to the politics of an early Eric Williams, who literally transformed Woodford Square into a university as he explained the dynamics of the colonial era and the need to cut a path toward independence. I would suggest that Grantley Adams engaged in a similar task but to a lesser degree.
    The modern political parties , in our case the post independence era, have produced little more than political opportunists , who have no philosophy or ideology. Many of them, outside of the ability to win a seat, are essentially politically illiterate , and that is perhaps the greatest irony of it all.
    It therefore is correct ,as Pacha suggests ,to conclude that to believe otherwise is perhaps old fashioned.
    In order to have policy we must have ideas. We are technically , and have been for almost fifty years been existing, in a philosophical and ideologically barren state.

  42. John A Avatar
    John A

    @David

    Remember the local market is in no position to offer large hard currency loans, nor will it be in the medium term as we will be forced to watch our reserves for our masters the IMF. Large private sector financing will therefore have to come from outside.

    Remember too we have just defaulted and are not in a good position to therefore dictate international loan rates.

  43. William Skinner Avatar
    William Skinner

    @ John A

    Why do we constantly give the local capitalist a pass ? Why are we allowing them the luxury of living as parasites ?
    Is there a local capitalist class or not ?

  44. Pachamama Avatar
    Pachamama

    Sir William

    Please remember that the absence of a ‘philosophy’ is indeed a philosophy!

  45. Gabriel Avatar
    Gabriel

    GP
    Tell me something,anything, yeshua wrote.I recall singing The rich man in his castle,the poor man at his gate,but I can’t for all the tea in China figure how somebody can expect to be spiritually uplifted by that BS but which one can perhaps glean is the message of that story of the talents.From observing the lives and cultures of the the Native American Indian and the native African one has come to the inescapable conclusion that the human animal should live in harmony with nature and in so doing express whether in verse or in that verse set to music that which pleases the mind and spirit.What is a fact is that european capitalism aided and abetted financially every day by Zionist capitalists seeks to destroy planet earth not nurture it.What is going to the moon or mars to do with protecting the earth from hydrogen and atom bombs madass people like trump,Putin,Kim,Netanyahu all corrupt murderers and criminals.Why,Republican Joe Scarborough yesterday on MSNBC kept calling trump Criminal Trump.But trump is worse than criminal.He is a Jew hater and a black hater.He’s a German Nazi lover and is very bad news for black folk like you.I hope your children won’t regret living in trump America in the offing.Its going to be worse than the Jim Crow days.

  46. Hal Austin Avatar
    Hal Austin

    @Wlliiam

    Don’t condemn the good in search of the perfect. Most young people, even in Barbados, enter politics for honourable reasons. If, in the process they become corrupt, then we need to look at the culture, not the motivations. I remember my generation motivated by the promise of better times.
    The problem in Barbados is not a capitalist class, our white merchant class are failures too and the blacks are scared of entrepreneurship, that is why the Trinidadians have taken over.
    Our local problem is a cancerous, badly educated professional class, the sons and daughters and grand children of cane cutters, and watchmen and domestic servants, whose only mission now is to further brutalise ordinary working (or unemployed) boys and girls on the block. They are armed, not with guns and sticks, but university diplomas and robes and meaningless titles.
    They hide in the civil service, banks, insurance companies and stuffy little offices around the court buildings, robbing their clients. They have mistaken success as expensive cars and homes on former sugar plantations turned in to middle class ghettos. But that is not the moral heart of a once great nation, they are the imposters who are running out of time. Ask Donville..
    We must not equate honourable politics with the dishonesty and class betrayal of the DLP and BLP, we must keep hope alive by telling young people there is a better way.

  47. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “Is there a local capitalist class or not”

    …there is a local PARASITE CLASS, in the parliament, the judiciary and the criminal minority community calling themselves leaders AND business people…who have been sucking the blood, money, land and everything else from the majority population for far too long… they have overstayed..

  48. Georgie Porgie Avatar
    Georgie Porgie

    RE I hope your children won’t regret living in trump America in the offing

    MY CHILDREN ARE WORST OFF THAN DAT SIR
    THEY LIVE IN BARBADOS UNDER THE REGIME OF MIA MAO MUGABE MUTTLEY THE PRIMEWICKER OF BARBADOS WHO IS PRESIDING AS THE BONE FIDE DESTROYER OF BARBADOS AND HAS BEGUN TO DO EVEN MORE SO THAT STINKLIAR AND FUMBLES

  49. fortyacresandamule Avatar
    fortyacresandamule

    Grenada defaulted on US262 million of debt in 2013. The external portion was US$193 million. Grenada was able to negotiate a 50% hair cut on the total debt in 2015. Previously, in 2004-2006 Grenada did a debt restructuring after the devastation brought about by Ivan and Emily. Since the last debt restructuring, Grenada has been able to issue new debt both internationally and regionally.

    Last year February it issued a bond for US$ 37 million @5.5% coupon for two years. Not bad for a country given the above mention situation. One of the reason why the deal with Grenada was accepted was because the government promise a portion of the CBI revenue based on certain criteria. Grenda has been the fast growing economy in Caricom over the past years ( avg 4%). Real GDP growth was 5.2% last year according to the CDB. IMPRESSIVE!

  50. Gabriel Avatar
    Gabriel

    Asstin
    The banks in Barbados are operating under the same ‘principles’ as in your formative years.They still exist to serve the mercantile white or indian or syrian dry goods and manufacturing sectors.they will readily lend money to Maloney bizzy and such poor reds rather than a rawle brancker or James husbands.Their philosophy is still If Yuh white,Yuh aw rite.Ef yuh black stand back.The head of every commercial bank in Barbados is a white foreigner.What is alarming is that the lawyers and accountants who advise these businesses are black.One told me of an encounter with a contract with one of bizzys companies and described the accountants and lawyers as pit bulls.

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