Our Hands Are Tied - Stakeholders Reluctantly Accept New Debt Exchange

KINGSTON, Jamaica, Observer - It was not a happy group inside the Bank of Jamaica Auditorium in Kingston yesterday morning as Prime Minister Portia Simpson Miller and Minister of Finance and Planning Dr Peter Phillips hosted the launch of the National Debt Exchange (NDX). The second of its kind in three years, Simpson Miller has indicated that the offer is a critical component of both the anticipated International Monetary Fund (IMF) agreement and the country's debt-reduction programme. The serious, distressed demeanour of those within the room full of bankers, financiers, investors, union leaders, creditors and private-sector leaders mirrored that of Bruce Bowen, president and chief executive officer (CEO) of the Bank of Nova Scotia Jamaica Limited and president of the Jamaica Bankers Association, as well as Richard Byles, president and CEO of Sagicor Life Jamaica Limited. They both declared that while they were onboard with the deal and urged others to join them, they were not happy to be placed in such a position for a second time, especially in such a short period.