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There are no updates tonight on the Government’s attempts to renegotiate the Superbond even after its consent solicitation expired on Monday with no indication that it had been accepted by bondholders. Information to the public has been seldom, as the Government tries to sway the bondholders to agree to new terms before a 30 day grace period ends on March 22nd. Today we asked Business Senator Mark Lizarraga to discuss how he sees the issue of national concern unfolding.


Screen_Shot_2017-03-01_at_6.59.21_PMMark Lizarraga, Business Senator


“I continue to question what motivation the bondholders would really have to renegotiate unless it is on their benefit there is a penalty clause that will kick in if we default so there is really in my view at least great difficulty in trying to see what motivation the bondholders will have, we have not complied with the spirit of the precious renegotiation, we have not put our monies to good use, we have not done what we said we were going to do so why would we expect the bondholders to listen to us and say oh yes you are credible let’s sit down and try work this out it escapes me as to what motives they would really have to want to renegotiate.”


Reporter


“You have said that the stakes and the risks are much higher for Belize, explain on that?”


Mark Lizarraga, Business Senator


“Of course, tremendously I mean we are in really, really, really in bad shape and I think most of it is our own making, yes we had a hurricane that had some impact but that impact would predominantly on the private sector I should say if you compare the numbers on the private sector loses as to what government really loss I think the private sector losses far outweigh but the private sector continues to struggle we can’t continue to raise our prices to recoup it is the same fashion you know government is attempting to raise taxes to recoup we have to become more efficient we have to get back into the game so I believe that yes there are many, many, many grave issues that are affecting our economy and our country and I hope that people will begin to realize that a great part of the issues that we face stems from the lack of accountability and transparency in the way we handle and account for the people’s money.”

 

The Government’s superbond renegotiations are led by economic advisor Mark Espat and a host of financial and legal experts from the United States.

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