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Jun 25, 2012

1st round of negotiations of Superbond with bondholders to be held next week

Artemio Osorio

On the financial front, Prime Minister Dean Barrow, will be presenting the national budget to the House of Representatives this Friday. The PM says we can expect an austerity budget; there is already a thirty million dollar deficit from oil revenue shortfalls. According to a report by Reuters news agency, the government has set aside cash to make the next interest payment on the five hundred and fifty US million dollar  ‘super bond’ if officials fail to reach a restructuring deal with creditors before the August deadline. The first round of negotiations with bond holders takes place next week in Caracas, Venezuela, says the news agency.  The August payment is worth twenty-three point five million dollars which represents an increase in interest from six to eight point five percent. The report quotes Finance Ministry Budget Director Artemio Osorio as saying, “We are making provisions to pay the entire amount in August. If there are any negotiations before August that cause the interest to fall, then that would be considered savings, but we are making provisions to meet the full payment in August.” Alternatively if there is no deal before the August deadline, the super bond team officials will attempt to re-structure again before further payments are due, Osorio told Reuters.

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5 Responses for “1st round of negotiations of Superbond with bondholders to be held next week”

  1. Storm says:

    I think it may be acceptable to negotiate the interest rate, because the world economy has changed so much. But it is wrong to try to reduce the principal — we owe that.

    From now on, neither a borrower nor a lender be!

  2. Rod says:

    Nobody cares about super bond barrow get it hrough your head we care about what your going to do to protect the good citizens of this country from murder robbery rape and corruption from your own administration this is what we want to hear about not no super bond I guess you think if you ignore the situation it will go away well barrow it won’t go away it’s getting worse mien just resign go and turn in your resignation you are impotent on crime you have caused too many murders in the land resignnnnnnnnnnnnnnnnnnnnnnnnnnnnnn.

  3. rasman says:

    I do not want to hear about austerity budget. Thats not what was said on the campaign trail; what was said was they would grow the economy and great jobs and that they are the best team to do so. What happen to these words.

  4. lc says:

    Murda the supabond, not our children!

  5. Storm says:

    Rasman, it’s immoral to keep borrowing the country into debt, so you can have candy today while the next generation pays the price. Anyway, NOBODY will lend money to the Jewel anymore, we are worse than Greece in terms of credit.

    The Jewel needs capital to develop new good jobs, and the only available capital will come from good foreign investment. That means smart leadership with a plan for growth and a strategy to attract investment. That won’t happen without effort, though, and wisdom.

    Sadly, the UDP GOB has had four years to do something, and has done NOTHING. And PUP before that was as bad or worse, tying anchors of national debt around our necks and tossing us into the sea, with NOTHING to show for it.

    I pray we can find some Belizean economist to put a sensible plan in front of the nation, so the people can vote for leaders who will do something smart before all is lost.

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