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Guyana's President says Caribbean is on the Verge of Bankruptcy

Neubarth

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Guyana's President says Caribbean is on the Verge of Bankruptcy
GEORGETOWN, Guyana -- Guyana's President Bharrat Jagdeo says the Caribbean is on the verge of bankruptcy as many countries are spending more on servicing external debt than their national revenue and has reiterated his call for urgent debt relief by the international financial institutions (IFIs).

Jagdeo who heads a special task force by the Caribbean Community (CARICOM) to assess the financial crisis and come up with solutions told a media conference here on Friday that region’s debt situation is worsening.
Guyana President Bharrat Jagdeo. AFP PHOTO
“The region is heading towards bankruptcy if countries could be declared bankrupt, many of the countries simply cannot pay their way, and they can’t meet recurring cost and pay their debts, unless there is radical restructuring or increase sources of revenue, the situation will get worse,” Jagdeo declared.

The president believes the poor productivity and the heavy debt build up in the region was responsible for this situation in many Caribbean countries.

This, he said, was exacerbated by the global financial crisis as the demand for exports, remittances and tourism were negatively impacted
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AllieBaba

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So does that mean this would be a good time to go there for vacation?
 
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Neubarth

Neubarth

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So does that mean this would be a good time to go there for vacation?
Absolutely! As long as anarchy has not broken out. In all of these little countries they now warn you to not leave the tourist hotel area after sunset. You run about a fifty fifty chance of being robbed by knife or gunpoint if you are out after sunset. Enjoy the day and the sunshine and the beach and the culture that is played for you in the safer tourist zones, but at night hunker down and be safe. The life you save may be your own.
 
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Too bad for Guyana, but the US seems to be muscling its way to the front of the line on the courthouse steps.
 

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