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Jan 21, 2013

Bondholders sympathetic to Belize?

The P.M. said the debt flow relief will not eliminate the country’s fiscal or financial gap. While Barrow believes this pending agreement mends the relationship with the external financial community he was also hopeful that debt servicing will be sustainable. AJ Mediratta, a senior partner of Greylock Capital Management told the media that they represent about two hundred million US dollars in total value of the bond. He also said negotiations did not start out smoothly but have now moved beyond that and according to Mediratta, both sides have to agree on all terms of legality before details can be announced. But he seemed confident about wrapping up the deal in the next two weeks. 

 

AJ Mediratta, Partner, Greylock Capital Management

AJ Mediratta

“The committee has not made a formal statement since early December. So we are aware of the statements that have come out of Belize by the P.M. in late December. But, I’m here to say today that we agree with what the P.M.’s assessment is. We are very close. A broad agreement on the general terms was reached in late December. Right now, really, we are just grinding through the process. It takes time to go from agreement to the lawyer’s drafting the specific language. It’s a big document and it has to be precise. And between that and the holidays, it takes several weeks to play out, but we do think that we are one or two weeks away from wrapping up the final recommendations. Some of them we’ve had the opportunity to discuss today while we are down here.  We got off to a rocky start last summer; there were some press conferences going back and forth. But I feel the process has become conciliatory and it has taken on a genuinely good faith process where both the concerns of Belize and the creditors are being discussed, thought through and what we are trying to come up with is a structure that addresses that you are never going to give everyone everything, but try to get both sides close enough that it works. The committee has said from the outset that we are sympathetic to the challenges facing Belize. That is not just a throw away comment; many of us have known Belize for a long time. For a country to actually default on a step and deal with all the distractions, the lawsuits, the headaches; no country takes that lightly. And so we know Belize did not take this lightly. And I am happy to say that despite that difficult step being taken, Belize has actually really just demonstrated its willingness at pursuing the good faith of process. It really in many ways separates it from countries like say an Ecuador or an Argentina.”

 

Also present for the announcement were government ministers and members of the negotiating team.

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4 Responses for “Bondholders sympathetic to Belize?”

  1. Storm says:

    Maybe the PM has learned that when he opens his yap to exercise his ego, he can hurt the people of
    Belize, as he did last summer. If he would just wear a muzzle and let professionals deal with these important issues, life would be better for all of us.

    At least we’ve crawled out of the basket of shame that Argentina and Ecuador share.

  2. Louisville,Ky says:

    Okay all you bad mouthing nay sayers with all your negative and hateful vibes, there you have it from a foreigner and, representative of the people to whom money is owed.
    Not even your Bad Mind was able to influence or penetrate the good faith atmosphere that prevailed between the negotiators and bond holders.
    With a possible hair cut of upwards of $240 million US dollars, the least you haters could say is THANKS!

  3. bzd2dbone says:

    @ Louisville,Ky – kindly note that all these nay-sayers are only doing the work of the opposition. They oppose everything that the Government does, even if it is something good or positive. As for me, I am glad, thankful and grateful that an agreement was reached where over three hundred thousand Belizeans will benefit.

  4. john doh says:

    we must stand for our rigths in this country cause in cayo central & cayo north east.they thief to win the last election. the rich the get rich and the poor the get poor!

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