Ashcroft Comes Through for Luke; Belize Dodges Bullet
Belize dodged another of those famous bullets today, as commercial financiers reportedly met a US$9 million payment to the International Bank of Miami on behalf of the Port of Belize Limited.
As with all high finance government matters, information is hard to come by, but we are reliably informed that the owner of the Port Luke Espat was unable to make the payment, and financing came from one of Michael Ashcroft's companies. For some time, Ashcroft has been keeping Espat's port current with its debt commitments, in exchange for increasing equity in the port and, as we understand it, that equity holding may now be at the tipping point; that is that Ashcroft's interests may now be controlling interests.
Whatever the case, it's a relief for the government of Belize, because if the payment had not been made, government, as guarantor would have been responsible, and it could have amounted to a sovereign default, but did not.