Helping out Uncle Sam
Jun 04, 2013
ST. JOHN’S, Antigua - Economics is sometimes referred to as The Dismal Science. It is not hard these days to be sympathetic to that definition, when we consider the mess that some of the supposedly smartest economists have led our world. Earlier in March, Wall Street’s Moody’s Investor Service painted a gloomy picture of the finances of the Eastern Caribbean countries. In a Caribbean Media Corporation (CMC) report, the bond-rating agency pointed out that Grenada had defaulted on repayment of loans in 2004 and 2013 and that St Kitts/Nevis had done so in 2011. Antigua & Barbuda had restructured its debt in 2010 and we’re now firmly in the clutches of the International Monetary Fund (IMF).
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