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Who borrowed most?

Posted By: Marty

Who borrowed most? - 02/03/12 02:50 PM


Source: Central Bank of Belize Statistical Digest and Monthly Report November 2011

This graph speaks volumes of what was taking place under the PUP tenure in office. The contrast can be drawn not only between the current administration but even those of the past. There is no wonder why the former PUP party leader, Johnny Briceno, called on the PUP millionaires to bring back the money which they took and placed in foreign and offshore accounts.

Imagine, under the PUP’s 10 years they borrowed 1 billion 452 million dollars. The saddest part of the whole situation is that there is absolutely nothing to show for it. There is NOTHING to show but a Superbond, which has handcuffed the progress of the country. On February 20th, government must find BZ$33,537,066.66. in order to be able to service the Superbond.

Then you have them going around asking the Belizean people to vote for them? Hell NO! There is no way that the Belizean people will put back the bunch of thieves into office. Once bitten twice shy… they took the people of Belize for a 10-year ride almost into complete economic ruin. That story will never be repeated. We need to remember that the same people who were running and controlling the PUP back then, are the same ones who are running and controlling the PUP.

PUP no have no come back fi come back!

The Guardian

Posted By: Marty

Re: Who borrowed most? - 02/06/12 08:23 PM

Moody's: Belize P.M. Suggestion of Changes to Bond Payments Is Credit Negative

SINGAPORE (Dow Jones)--Remarks last week by Belize Prime Minister Dean Barrow that his administration would seek "clear instructions" from the electorate "to do something about the superbond" are credit negative and raise concerns about another debt restructuring, Moody's Investors Service said in a report Monday.

Barrow made the comments in a national broadcast announcing plans to hold general elections on March 7, according to the ratings firm.

"The mention of a potential modification to the superbond, a $565 million bond equivalent to half of all government debt and the result of the 2007 debt restructuring, is credit negative and raises concerns about another debt restructuring," Moody's analysts Gabriel Torres and Maria Paula Carvajal wrote in the ratings firm's latest Weekly Credit Outlook.

Moody's said the country's superbond debt service has been rising due to coupon step-ups and will rise further once the debt begins amortizing in 2019, putting increasing pressure on the government's already weak finances.

Belize, which Moody's rates B3 with a stable outlook, restructured most of its debt in late 2006 and early 2007, after years of increasingly higher funding needs that peaked at the equivalent of over 20% of the country's gross domestic product in 2005, Moody's said.

Source

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