CALEDONIA FAMILY CLAIMS DESTRUCTIVE FIRE WAS CAUSED BY ARSON

A family in Caledonia suffered tremendous loss when two of their homes were destroyed by a fire in C...

Severe Weather Conditions Causes Minor Damages In North

Over the weekend, a cold front which was predicted to hit in Mexico, affected the entire Yucatan Pen...

Belize Exports Soybean Oil To Jamaica

Last week Thursday January 24th, Belize exported five containers of crude soybean oil to Jamaica mar...

  • CALEDONIA FAMILY CLAIMS DESTRUCTIVE FIRE WAS CAUSED BY ARSON

    Tuesday, 29 January 2019 20:33
  • Severe Weather Conditions Causes Minor Damages In North

    Tuesday, 29 January 2019 20:47
  • Belize Exports Soybean Oil To Jamaica

    Tuesday, 29 January 2019 20:56

No_Image_AvailableTonight there is bad news for Governments finances. Moody’s, the international rating agency, today announced that eleven countries including Belize face a substantial risk of defaulting on debt and declaring bankruptcy. Accompanying Belize is Argentina, Greece, Ukraine, Egypt, Cuba, Cyprus, Jamaica, Ecuador, Venezuela and Pakistan.


Moody’s credit rating for Belize was Caa2 with a stable outlook. The country without a doubt has suffered from debt problems for years, first defaulting nearly a decade ago, after which it consolidated all of its international debts into a single bond.

 

Government then missed a payment on this “superbond” in August 2012, leading to a 2013 debt restructuring that resulted in a longer repayment time, a haircut to the bond’s overall value, and smaller payments for bondholders. Following the restructuring, Moody’s upgraded Belize’s credit rating to Caa2 with a stable outlook and it has remained that way. The IMF projects that Belize’s total gross debt will reach 80.4% of GDP by the end of 2014.

Share this post

This content has been locked. You can no longer post any comment.