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Aug 13, 2012

Committee of Bondholders express disappointment with negotions

There is breaking news regarding the bond. The Coordinating Committee of Bondholders formed to address matters relating to the potential restructuring of super bond due in 2029 has expressed disappointment and concern over the Government of Belize’s recently published indicative restructuring scenarios. A press release by the Coordinating Committee issued late this evening says while they were initially encouraged by the Government’s stated commitment to a “fair and transparent dialog,” the Committee is having difficulty reconciling the scenarios and the financial information released by the Government on June twentieth.

 

According to AJ Mediratta, a Partner at Greylock Capital Management, LLC and Co-Chair of the Coordinating Committee, “Bondholders have more questions than answers at this point,” making reference to the fact that the scenarios were released despite the absence of material information necessary to evaluate the country’s debt sustainability. “We previously communicated from the beginning that we are sympathetic to the challenges facing Belize and are prepared to work with the authorities in a consensual and collaborative manner. However, we do not consider the indicative scenarios released last week as the start of negotiations. This is the most organized and unified group of bondholders involved in a recent sovereign restructuring, and it is our position that we will respond to proposals that are clearly based on ability to pay using reasonable, mutually agreed assumptions as well as demonstrated burden sharing among commercial, bilateral and multilateral creditors and, importantly, the Government itself,” added Mr. Mediratta.

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9 Responses for “Committee of Bondholders express disappointment with negotions”

  1. Storm says:

    I fear we have amateurs trying to solve a problem that needs the best professionals. We all lose of they fail, and so far it looks like they are headed toward failure.

    We owe the money, we elected our leaders who borrowed it on our credit card, and they squandered it. It’s not the bondholders’ fault, it’s Belizeans’ fault. We need to demand our leaders act like honest men, not con men.

  2. Louis says:

    Once again, as expected. PM Barrow has turned Belize into the laughing stock of the entire world.

    THE UDP NEEDS TO STEP IN AND REMOVE THIS PM.

    Either the UDP removes this PM or the People will remove the UDP.

  3. busha says:

    these fools think they can bluff Wallstreet professionals, a weh du dis baldhead eeeediot?

  4. Ricky Malthus says:

    The most rational and efficient solution would be that GOB pay the coupon due on August 20, 2012, and then having obtain breathing space, negotiate with IMF for permanent financing. This solution will have an acerbic taste in our mouths because of the dictates of that institution. But until next payment, we could get rid of the UDP, increase our productivity/GDP, find and produce more oil, create employment, reduce/eliminate gasoline tax, etc. .

  5. Louis says:

    Ricky, once again you are correct.

  6. Storm says:

    It seems Louis and Malthus are looking at the big picture, why does GOB not do that? I’m including both PUP and UDP — once elected, most of the politicians seem only interested in creating a pinata for friends and family, and the NATION and the people who elected them are forgotten.

    We need capital investment to create industries and good jobs. We need fair policies applied to all that encourage free enterprise. Prosperity never comes from government, it comes from the absence of government. Belmopan, get out of the way, get your fingers out of the cookie jar, and let people work and do business.

    We need a few honest leaders who give a damn about the country, not career politicians and hucksters.

  7. BMNJ says:

    First, we have oil; now, we have gold. Something is terribly wrong!

  8. fluffy says:

    We have a problem of epic proportion. GOB need to move pass who did what. Thats ancient history. Government is created to guide and safe guard a country and it’s people. Now is the time to make good on that obligation. Elected officials need to understand their duties. YOU ran, got elected took and oat and swore by it. We the common peole do not presume to have a solution but we look to GOB who is staffed by Consumate professionals and externals links to weather us through this most difficult storm. This neva happen overnight nor will it be solved overnight.

  9. Ramon says:

    As I read all the comments written by either intellectuals or idiots, I realize that Belizeans on a whole just don’t seem to grasp the gravity of the current financial situation. We are still playing politricks.
    First they say, take out the UDP, and then what put in who? The PUP, wow do you really believe they have the solution for our financial problems.
    People get real, all those crying “get rid of the UDP” are just crying because they want to get inside to get their share. When the PUP was in power it was the same cry just different people.
    All we do is elect people who want to get rich quick at other expense. When was the last time you saw a “true” politician? Please don’t tell me it’s the same all over the world , I am not worried about all over the world I am worried about BELIZE.

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