Grenada to join debt restructuring club
Mar 15, 2013
KINGSTON, Jamaica - GRENADA plans to commence talks with its creditors to restructure its EC$2.2- billion public debt. Rising interest payments in the face of falling revenue and a high wage bill has prompted the government to miss an interest payment due this month. It is the second time that it has been faced with an interest payment that it couldn't meet within the last six months, although back in September, when the Government felt it couldn't find the funds to pay the coupon on a US$193-million bond, due in 2025, it eventually paid the money before the grace period expired.
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