What country enjoys a bountiful tourism industry and pleasant weather, but has seen a government overspending and ill fortune send its indebtedness soaring, forcing a sorely needed sovereign restructuring?
The answer, of course, is Saint Kitts and Nevis, the lush West Indies island federation.
The similarities don’t end there. Like Greece, St Kitts has been locked in an inflexible monetary bloc – the East Caribbean Currency Union – limiting its options in the face a debt-to-gross domestic product of almost 200 per cent when it first embarked on a restructuring last summer. Continue reading »