Dr. Jerome Walcott, General Secretary says “let us answer the call of history, to once again provide leadership”
This is an extract carried in last Sunday’s newspaper from an address given by Jerome Walcott at the BLP’s annual conference the previous day: “Let us answer the call of history, to once again provide leadership, good governance and programmes to put Barbadians back to work, to put money back in their pockets, to put back our country in its rightful place far removed from junk status.”
Some nerve, Dr. Walcott!!! I will deal with the part that addressed ‘junk status’.
My Dear Dr. Walcott, our situation is analogous to a country’s’ constant downgrade over the years caused by persistent borrowing year after year to sustain a quasi-artificial standard of living for a select few, as well as for a rainy day. Sounds familiar? Well, the day of reckoning SURELY HAD TO COME.
Former Prime Minister Sir Lloyd Sandiford led restructuring in the early 90s
For, on Tuesday, 17 July, 2012, Standard and Poor’s – one of the three major international credit rating agencies – downgraded the Barbados Government’s financial credit rating. The Government’s foreign currency bonds status has reached junk status – from BBB-/A-3, to BB+/B, in the S&P’S rankings.
But, the PDC is not surprised that this has come about. As that, ever since the Barbados government’s last effective downgrade by Moody’s (another of the three major international credit rating agencies) in 2011, we would have been forewarning many people many times on here – on BU – and in other fora – that the Government of Barbados international creditworthiness would have been deteriorating at such a fast rate, that it was only a matter of time before it was going to be downgraded again by anyone of these credit rating agencies.
Well, that is what just happened on Tuesday – a day when, too, the Nation Newspaper was reporting big and bold on its front page, how the main public sector union – the NUPW – was bombastically ungraciously pressing for a 10% wages hike for public workers.