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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 regions 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 cant 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
More Here..
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 regions 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 cant 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
More Here..
