Central Bank of Barbados Review of the Economy: January to September 2019

Governor Cleviston Haynes delivered the Central Bank of Barbados’ review of Barbados economic performance in the first nine months of 2019 and took questions from members of the media.

September Press Release.pdf (3.98 MB)

138 comments

  • @ Donna

    My sincerest apologies to you.

    I recognise first that your scroll button on your computer DOES NOT WORK and you cannot scroll past the comments by Walter and myself.

    Heheheheh or given your reference to the 12 year olds, you cant scroll past mine!

    Interestingly YOU ARE NOT A MAN and cannot ever understand that Walter and I, while we don’t like each other RESPECT EACH OTHER!

    That is the thing about us men, we can cuss each other, black is blue, but the language between political opponents IS UNDERSTOOD TO BE JUST THAT.

    Walter uses the play on Piece of the Rock Yeah Tight as a “metre” of familiarity BECAUSE IT RHYMES WITH MY NAME before de ole man transmogrified…

    …Piece THE LEGEND!!!

    Now Walter, would be at home reading that “transmogrified” thing and laughing bad as ass.

    But you, a woman, and lesser sheeple, like the 2 Rented Jackasses Hee Hee and Hee Haw, would see it as egotistical and arrogant.

    Walter understands politics and political messages and strategies well.

    You do not.

    I see Walter as a worthy opponent WHO IS KEEPING HIS OPTIONS OPEN by continuing to post here on BU!

    I am unsure of where he proposes to place his candidacy at this moment.

    Walter sees de ole man as a Bane MERELY BECAUSE I CAN READ HIS MOVES ergo the familial rhyme, one which you, being slow of thought, have accepted, AND DID NOT CASTIGATE HIM FOR, nor call vitriol, but my paedophile references caught your notice!

    YOU ARE NOT A POLITICAL STRATEGIST but more importantly, you are not a man!

    You and the other female who makes up the Rented Jackasses duo, need to leave Walter and de ole man alone, as we use our jovial barbs respectfully with each other.

    Like

  • @ the Honourable Blogmaster your assistance please with an item here for Donna

    By the way, I like the new Barbados Underground header.

    Where did you get that font from?

    The fact is that you people feel that wunna smart and you feel people are eternally stoopid

    You can hide and buy land but you cant hide and wuk it!!!

    Like

  • @John A

    Did we have a similar conversation when Republic Bank announced the buyout of Scotiabank? Trinidad has been mentioned as a nest for ISIS fighters? You see the point?

    Like

  • Political rhetoric, Political rhetoric, Political rhetori!

    From Bridgetown to Londontown.

    Like

  • But why would a billionaire want to buy a bank ?
    A foolish question some might asked
    But a necessary one from a depositor perceptive

    Like

  • @ David.

    That is why I say if we had proper oversight it really wouldn t matter who wanted to buy the bank. They would know they are coming to a territory with strong enforcement and would thus have to fall in line.

    I draw reference to clico just to show how poor our oversight and enforcement was there. What has changed since then?

    Like

  • Steupse! You are free to continue to be quick of thought and control the world with the manliness of your political excesses. You political animals have done a great job so far, I must say. Things are looking rosy for the world right now. And we all swear by our beloved political leaders’ every word!

    But I beg to differ on one thing – that as a woman I cannot spar fiercely and still have respect for an opponent. How else does one enjoy an argument?

    I just try to stick to plain truth and not dangerous hyperbole. I don’t find it constructive or necessary for effective or interesting communication.

    PS. I think I did at the time question Walter on what he meant and I was not entirely satisfied with his answer. However he did not come across as a pedophile but as a person who thought the girls could make money off their gyrating talents in the future probably as back up dancers etc and not just in Barbados.

    Just relying on my fuzzy memory. Walter can correct me if I am wrong. So can you if you have it saved.

    By the way, you know I am slow of thought so…. what Grenville said about you and the Atherley party is true or not? Have you really been exposed?

    Feel free to insult me and cuss me as you like. You who are quick of thought should know by now it will have no effect. And there shall be no further response because I shall not descend with you.

    Like

  • @John A

    Back then we had a chicken farmer in the role of supervisor of insurance. Today we have the FSC and Persaud.

    Like

  • @ David.

    That is suppose to make me feel better? Persauds success with four seasons in legiondary and dont let us forget his famous words of ” no rush to pay” and the fact we were nailed hard for that first! Lol

    Like

  • @ Mariposa

    The question is why would a London-based, Colombian billionaire, of Lithuanian heritage, want to buy a bank in Barbados? That is the question.
    By the way, rumour has it that the Metro Bank in the UK is on the market. Also, why not launch a challenger bank in the UK? The reality is no matter who wants to buy the bank, Bajan regulators must apply precautionary principles. Theikr fundamental duty is to make sure Bajan savers are not exploited.

    Like

  • David BU

    I read in the Jamaican Gleaner that the Gilinski Group acquired 70 per cent of CIBC FirstCaribbean for US$2.2 billion.

    According to the paper, “Jaime Gilinski, is a billionaire banker and real-estate developer who, along with his father and family, owns one of the largest banks in Latin America. He is described as the second richest person in Colombia, despite LIVING mostly in the United Kingdom.”

    I also read Gilinski is the son of Isaac Gilinski Sragowicz, a banker and himself the son of Lithuanian Jewish immigrants. Gilinski earned his BS in Industrial Engineering from Georgia Tech in 1978, and an MBA from Harvard Business School in 1980.

    Why are some contributions implying that CIBC FirstCaribbean in Barbados is being bought by a Colombian drug lord? Where is the evidence to support this accusation?

    CIBC FirstCaribbean describes itself as the largest chain of banks in the English- and Dutch-speaking Caribbean with more than US$1.2 billion in equity and US$11.5 billion in total assets up to July 2019. The bank has more than 2,700 staff, 57 branches, 22 banking centres, and seven offices in 16 regional markets.

    Taking the above information into consideration, how can any political administration in Barbados, whether it is BLP, DLP, SB or PPfDD, prevent the Gilinski Group from purchasing CIBC FirstCaribbean……. unless they “pull” a Gaston Browne move re Scotia Bank.

    Like

  • @Artax

    What can one say, all are entitled to an opinion.

    Like

  • Only one person implied he was a drug lord. Me, I just don’t trust any billionaire to be of any use to anyone but himself. I don’t trust the current ownership of the bank in question either.

    Like

  • Back then we had a chicken farmer in the role of supervisor of insurance. Today we have the FSC and Persaud.

    HAHAHAHA…LOLOL
    Ohhh Shiiiirt!

    De Blogmastuh got jokes…

    Like

  • Donna
    November 3, 2019 8:56 AM
    “This is getting boring. Walter, you did make a questionable comment about the gyrating school girls having talents that maybe should be developed. Why not explain what you meant if you can?”

    Donna,
    The onus is on any person who has a problem with the so-called questionable comment I made to reproduce that comment and show what they found questionable about it.

    I doubled down on that comment, so it should be easy to find. I take responsibility and accountability for anything I write anywhere, and at any time.

    I often watch how some persons with poor comprehension skills, or small minds, or both, attempt to twist or maliciously misrepresent what you and others write. I always smile and move on. I suspect other BU readers do the same. Sometimes you see the need to defend your position or clarify. Sometimes you don’t. It is left to you.

    From the moment I came on BU, Piece Uh De Cock called me a thief. That didn’t fly, and he didn’t succeed in scaring me off, so he proceeded to call me a paedophile, and more recently a He Beeatch, whatever that means. He has also accused me of writing under the moniker of John A.
    He cannot justify or substantiate any of these accusations, but I know, from my childhood days, that people throw rocks only at the mangoes they consider to be ripe. They leave the green ones alone.

    Miller, Bush Tea, Caswell and many more on BU know me well, so I would be tempted to pay attention to any attempts they make at assassinating my character. Not so with Piece Uh De Cock. I simply do not care what he says about me.

    If you are paying close attention, you will notice that Piece Uh De Cock’s ad hominem attacks are not limited to me alone. His scandalous and outrageous remarks have been directed at Grenville Phillips II, Adrian Loveridge, and the Blogmaster, to name a few. He has also hurled scurrilous and defamatory barbs at the current Prime Minister, and has brazenly and recklessly called her a thief on BU. You should be asking him to prove or explain these unfounded, idiotic, and questionable accusations.

    I am no psychologist, psychiatrist, or psychoanalyst but I picture Piece Uh De Cock as an envious, malicious, petty-minded individual living a miserable daily existence, sitting anonymously at his computer, and trying to pull down others into his little, slimy, miserable, forlorn world.

    His attitudes showcase the worst of anything Barbadian, and I try to highlight them as a means of making all of us aware, and as a means of encouraging all of us to do better.

    That’s all I have to say on this matter.

    Like

  • Donna
    November 3, 2019 1:54 PM
    “I think I did at the time question Walter on what he meant and I was not entirely satisfied with his answer. However he did not come across as a pedophile but as a person who thought the girls could make money off their gyrating talents in the future probably as back up dancers etc and not just in Barbados.
    Just relying on my fuzzy memory. Walter can correct me if I am wrong….”

    Donna,
    My memory tells me that you are partially correct.

    The debate at the time centred around “wukking up”. Some people felt that it was a vulgar way of dancing and should be banned or discouraged.

    I held a different view. I felt it was part of our culture, and rather than trying to discourage it, we should encourage it. Furthermore, I felt that marketing our dances abroad could bring our FOREX-starved economy much needed foreign exchange.

    The blogmaster put up a video of dancing girls, and the video highlighted the girls moving their buttocks rhythmically to a musical beat. The point I wanted to get over was that we should not take these “trembling botsies” for granted. It required talent which I and many others did not possess. I felt strongly that this is a talent that had the potential to overawe and wow international audiences, and earn us foreign exchange.

    The blogmaster wondered aloud if everything should boil down to economics.

    I do not recall you asking me for an explanation, neither do I recall myself providing one.

    We have seen what the malicious, petty mind of Piece Uh De Cock managed to twist my comments into.

    Like

  • Walter,

    I guess that means that you do NOT respect him? lol. He behaves as though we cannot remember all of what went down and how incensed you were at first.

    Glad to hear you have gotten over it.

    I too have come in for abuse since I disabused him of the idea that he could slide into the role of my self-appointed leader.

    Wuhlaus!

    Thanks for RESPECTING this poor slow witted female enough to respond.

    In the future we shall ignore or lol together.

    Like

  • Walter,

    Then we agree on the substance but I think I did make some sort of comment. I do see your point about the wukking up but I do still think there is a line that crosses into the vulgar. It is the difference between a suggestive Sparrow song and the self-proclaimed RAWNESS of the bashment soca pieces of the artistes that abound today. The difference between naughty and nasty, provocative and pornographic, sexy and slutty is what I’m talking about.

    It’s the difference between a ‘Dollar Wine” and …. I forget the names of the songs. I wish i could forget the videos.

    Like

  • Class vs Crass

    Like

  • Donna
    November 3, 2019 5:55 PM

    Walter,
    “I do see your point about the wukking up but I do still think there is a line that crosses into the vulgar. It is the difference between a suggestive Sparrow song and the self-proclaimed RAWNESS of the bashment soca pieces of the artistes that abound today. The difference between naughty and nasty, provocative and pornographic, sexy and slutty is what I’m talking about”

    Donna,
    Your point is well made and taken. The position I adopted did not extend to “extreme” dancing.

    I would not support “skinning out”, and there are some dances done by a man and a woman together that no daughter of mine should ever dream of doing in public. If it is not good enough for my child, I should not see it as being good enough for another person’s child. Foreign exchange or no foreign exchange. Some of the “wukking up” is too extreme, and borders on the bawdy and the distasteful.

    You are a very intelligent woman. Continue to express your views unflinchingly in the face of misogyny, insults, and verbal bullying.

    Like

  • @ Donna

    I rest my RH case.

    I am glad that we have had this denouement here on Barbados Underground FOR ALL TO SEE

    Walter Blackman is a 60 ? Year old man who confessed to ogling the botsies of 12 year old girls for Forex

    I dont give one RH what reason this paedophile from Brown University gives.

    No matter how much the he Beatchhhh tries to argue around IT IT WAS A DISTURBINGLY NASTY COMMENT MADE BY A MAN WITH THE DISPOSITION OF A RH LATENT PAEDOPHILE.

    Je me souviens like Madame Defarge.

    Do not, DO NOT, ever mess with de ole man’s memory, your a.rse will lose.

    He forgets AND NOW IS PLAYING ON YOUR LADYLIKE SIDE but since you cannot I WILL REMIND YOU!

    He is a nasty man who thinks he is a ladies man and felt he was a Casanova AND WHEN HE, this man who pretends to be a saint November 2019, first came to Barbados Underground THE FIRST TIME HE CAME HERE, carried his freshness to Dearest SSS!

    And she put the nasty man in his place!

    Do you remember that?

    Let me ask her to speak to that slimy behaviour about this man who admits above that he did comment on the jiggling BOTSIES of 12 year olds!

    Look at this fvucker though!

    Instead of Walter Blackman saying ‘I rassho*e was fvucking wrong to make that slimey comment” here is what the effer says

    “…The blogmaster put up a video of dancing girls, and the video highlighted the girls moving their buttocks rhythmically to a musical beat.

    The point I wanted to get over was that we should not take these “trembling botsies” OF 12 YEAR OLD GIRLS for granted…”

    Are you feeling me Donna?

    We have had several articles here condemning adult women having 8 year old boys wukking up on them.

    We even had a case here where a woman was arrested for taking a mentally challenged male perform cunnilingus on her in our bus stand yet Donna, HERE WE HAVE A WANNABEE POLITICIAN SEEKING TO JUSTIFY INAPPROPRIATE COMMENTS ABOUT THE BOTSIES OF UNDERAGE CHILDREN.

    I have a copy of the case of Randolph A vs Walter Blackman but that is NOT THE ISSUE HERE DONNA.

    We are giving “passes” to slime like Walter Blackman because her RH does talk good about financial matters pun Barbados Underground

    If a RH man of 60 effing years can comment on the jiggling BOTSIES of your and my 12 year daughter, and come out on Barbados Underground and make inappropriate sexual comments to a woman blogger AND OFFER HIS RH SELF AS A CANDIDATE FOR THE House of Assembly DAT IS WHAT I GOT A PROBLEM WITH DONNA!

    You have forgotten Donna AND ALL OF YOU HAVE FORGOTTEN BUT I, PIECE THE FVCKING LEGEND, piece uh de Cock yeah yeh tight! I HAVE NOT FORGOTTEN!!!

    Like

  • Piece Uh De Cock Yeah Tight,
    I know you do not heed good advice.

    However, I suggest that you take a deep breath, drink a glass of water or warm milk, say your prayers, and go and rest yourself.
    Your behavior has me feeling really concerned. It is quite possible that I pushed you too far this time.

    In all honesty, I could not consider myself to be guiltless if the blogmaster were to inform us tomorrow morning that you suffered a stroke overnight.

    I will breathe a sigh of relief on the morrow once I know you are still “alive and kicking”.

    Like

  • This tood would be said about barbados in the coming months
    Instead of Mia Moe Mottley looking for measures to create growth she creating one trick ponies to beat a dead horse call Cahill in the ground

    —”-”””—-‘–””’——–”

    Chief of Staff Lionel “Max” Hurst
    By Shermain Bique-Charles

    Shermain.bique@antiguaobserver.com

    In order for Antigua and Barbuda to realise any improvements in its economic recovery, it would need to rely heavily on domestic drivers of growth, like consumption and investments.

    That’s the advice offered by the International Monetary Fund (IMF) whose latest Regional Economic Outlook for the Western Hemisphere said Antigua and Barbuda will see a decline in economic growth –from 7 percent in 2018 to 4 percent in 2019.

    The significant drop, according to the analysis from the Washington-based financial institution comes as a result of high levels of inequality and lack of economic opportunity.

    The low growth, according to the IMF, also comes amid continued trade tensions, slower global growth, subdued commodity prices and, in some large regional economies, high policy uncertainty.

    The IMF said, however, the key is for governments to continue to strive for stronger growth that is more inclusive and strengthen well-targeted spending and social programmes to protect the most vulnerable groups.

    At the same time, it said, many governments in the region have to deal with high levels of public debt.

    But the Chief of Staff in the Office of the Prime Minister, Lionel “Max Hurst” told OBSERVER media that the IMF’s latest report is misleading and fictitious.

    Like

  • Piece the Legend
    November 4, 2019 10:46 AM

    “As will I pederast as will I know that one day soon we will see that you jiggling botsies comment has incurred a serious sanction against you in the Unites States of America WHERE THERE ARE LAWS AGAINST PEDERASTY.
    ONE RESTS EASY WHEN CHILD LOVERS ARE REQUIRED TO SIGN NEIGHBOURHOOD SEC OFFENDER REGISTRIES!
    Why cant you just apologise?
    You made a serious mistake AND UNTIL YOU DO APOLOGISE DE OLE MAN GINE KEEP DEMANDING IT!
    CHILD LOVER”

    Mr. Blogmaster,
    I am extremely sick and fed up of being subjected to this unjustified barrage of personal attacks on BU every day. No one should have to experience and endure this type of vitriolic, nonsensical abuse day in and day out.

    You are the manager of this blog. Is there anything that you can do to stop this harassment?

    If there is, then I am begging and beseeching you.
    PLEASE, PLEASE, PLEASE DO WHATEVER IS IN YOUR POWER TO PUT AN END TO THIS FOOLISHNESS!!!

    Like

  • Agree it is what is called flaming, a few on the blog do it routinely in all their ignorance. If you are offended by it the blogmaster has to address it. All who flame (google it) should take note.

    Like

  • Walter Blackman never knew you where that supersensitive
    Those regurgitating comments by Piece was done to irritate you and surely he did..ha ha ha
    Just joking

    Like

  • Some international economic guru says that the foreign reserves would not be impacted negstively when barbados starts repayment of their external debt
    Makes me wonder if he knows where barbados can garnish enough fiscal support to pay back external and local debt
    Anyhow i will watch and see how this all plays out long term given that their is only option sitting in the cage call taxes

    Like

  • Why don’t you post using your name if you are so accommodating how others treat with you online.

    Like

  • I do not see it as supersensitive.
    The shit from both parties need to stop.

    Earlier, I was appealing to the good sense of the two gentlemen, but this was in vain.

    I sincerely hope the blogmaster can kill the exchanges

    Liked by 1 person

  • David
    November 6, 2019 12:27 PM

    “Agree it is what is called flaming, a few on the blog do it routinely in all their ignorance. If you are offended by it the blogmaster has to address it. All who flame (google it) should take note.”

    David,
    I am highly offended.

    I trust your judgment, and I am confident that you will address it as soon as possible.

    Thanks.

    Like

  • Look David left muh alone yuh hear
    Cause u of all people should be behaving like a moral police when u have gone after ac to such an extreme as to having her personnel info exposed here on BU and be attacked in the most vile manner
    Even as i write this i expect your respond to be one of “deserving”

    Like

  • @Walter

    Please PM the blogmaster with links to the comments which harmed your reputation.

    Like

  • David,
    What does PM mean?

    Like

  • Send an email (personal message)

    Like

  • David
    November 6, 2019 11:25 AM
    “@John A, Walter, Northern Observer et al
    You guys read this document?”
    https://barbadosunderground.files.wordpress.com/2019/10/launch-press-release-.pdf

    David,

    So far, we have been provided information on the external debt restructuring exercise from three sources:

    First, the press release from the Ministry of Finance, Economic Affairs & Investment mentioned 5 bonds:
    7.8% bond, maturing in 2019
    Floating rate loan maturing in 2019
    7.25% Note maturing in 2021
    7.00% Note maturing in 2022
    6.625% Note maturing in 2035
    The following points should be noted:
    Maturity date given is 2029.
    New interest rate is 6.500%.
    No Face Values are given.
    No specific mention is made of the Credit Suisse loan.

    Second, an article from Barbados Today, dated October 24, 2019, lists the following 4 loans:
    150M due 2021
    220 M due 2022
    119M due 2035
    225M Credit Suisse Loan

    The following points should be noted:
    No Maturity dates are given.
    No “old” or renegotiated interest rates are given.
    We are given Face Values of the loans for the first time.
    Specific mention is made of the Credit Suisse loan for the first time, but we are only told the Face Value is 225M.

    Third, another Press Release made by the Ministry of Finance, Economic Affairs & Investment (you provided a link above) dated November 5, 2019 lists the same 4 loans mentioned by Barbados Today on October 24, 2019:
    150M @ 7.25% due 2021 (Face Value Agrees with Barbados Today)
    200M @ 7.00% due 2022 (Barbados Today said 220M)
    190M @ 6.625% due 2035 (Barbados Today said 119M)
    225M Credit Suisse Loan

    The following points should be noted:
    Excluding the Credit Suisse Loan, the total Face Value of the other 3 loans amount to 540M. Is this the “renegotiated” value? if so, what were the original face values that existed before the restructuring?
    If these are the original Face Values, what are the new negotiated values?
    What was the total value of the external debt payments that the Government of Barbados refused to pay after May 2018?
    How was the Credit Suisse Loan repackaged?

    Conclusively, I do not believe that press releases from the Ministry of Finance, and articles from the media have given members of the public enough information to determine the amount of savings that accrued to Barbados from the external debt restructuring exercise.

    Like

  • @Walter

    Your comment may be worthy of a separate blog later.

    Like

  • Pingback: What is Barbadians NOT Being Told about the External Debt Restructuring Agreement? | Barbados Underground

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