NEW YORK, CMC - A major international credit rating agency says three bond restructurings in the Caribbean this year, totaling about US$9.7 billion, have still failed to ignite economic growth and may not help the region avoid more defaults.
Moody’s Investors Service said the bond swaps this year did not go far enough to fixing the Caribbean’s “unsustainable” mix of debt and deficits.
It said, among Caribbean island economies, only The Bahamas is expected to grow more than 1.5 per cent this year, compared with four per cent for Latin America.