Judging by the amount of small nations that have been having trouble with paying their debts lately, it would seem reasonable to conclude that size does in fact matter.
Forget about Cyprus, in the Caribbean alone Grenada became the third country this year to embark on a debt restructuring, following the examples of Jamaica and Belize, with Keith Mitchell swiftly announcing less than a month after he was elected prime minister that Grenada needed “a fresh start”. Continue reading »
Jamaica might be best known for its sunny beaches, reggae music and world class athletes such as Usain Bolt. But this Caribbean island nation of 2.9m is increasingly garnering international attention for something less boast-worthy : its crippling debt crisis.
In a television address late Monday, the country’s prime minister Portia Simpson Miller said the government will launch a restructuring of its local debt – its second in three years – as it looks to stave off a “serious economic crisis” and secure a credit line from the IMF. Continue reading »
If only the economic performance of the Caribbean matched the sporting prowess of its athletes.
The Caribbean may be sunnier than Europe, but it shares many of the Old Continent’s problems – namely anaemic economic growth, uncompetitive economies and burgeoning debt burdens. Continue reading »