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Mar 9, 2017

An ‘Alternative’ View of Superbond 3.0 from P.U.P.

John Briceño

The People’s United Party has offered a quick response to Wednesday’s analysis of the restructuring of the Superbond by the Prime Minister.  P.U.P. Leader John Briceño says that it isn’t really a restructuring at all.  The result of the U.D.P.’s abject failure to stimulate the economy, protect jobs and investments and think smartly about decisions rather than alienating everyone in sight has been millions in debt. Added to the nation’s overburdened back is the morass of corruption, crime and despair.  Today, Briceño accused Prime Minister Dean Barrow of “alternate facts” and presented his own analysis, which severely reduces Government’s touted savings and pointed out that the main problems remain unchanged.

 

John Briceño, P.U.P. Leader

“As I listened to the parts of the Prime Minister’s press conference yesterday, I really think that the Right Honorable Prime Minister is living in this alternate world, spewing out these alternate facts, that he has been repeating so many times, that I think he has now convinced himself that it is the truth; what he is saying.  There has been no savings or reduction or haircut from the principal. We owed on Superbond two point oh, five hundred and twenty six point five million dollars, U.S., and under U.D.P. Superbond three point oh, we still owe five hundred and twenty six point five million dollars, U.S., so there’s no win for us when it comes to the principal. But when you look at the interest – when you calculate the interest, up to February 2034, under the U.D.P. Superbond two point oh, you would have paid out four hundred and ten million U.S. dollars in interest payments; under the U.D.P. Superbond three point oh, the payments are four hundred and three million dollars, so pretty much, the Government has saved seven million dollars. Unu di follow me so far? Seven million dollars they have been saving. But when you look at the expenses for the re-negotiations of the Superbond three point oh, the Prime Minister has already agreed to pay a zero point two-five percent consent fee to the bondholders; that amount to one point three million dollars, U.S. The Credit Committee legal and advisory fee that these bondholders are asking for – their bill has already come up to and the Prime Minister has agreed to pay two point seven eight five million dollars. So, so far, they have already agreed to four point zero eight five million dollars; deh done agree that they are going to pay that already, U.S.”

 

With the expenses for G.O.B.’s legal team, the net result is an actual loss of about one point five million U.S. dollars, according to Briceño.

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