Caricom heading for bankruptcy, says Guyana President
Published on Sat, Mar 27, 2010 at 13:58 | Source : Reuters
Updated at Sat, Mar 27, 2010 at 15:41
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Caricom heading for bankruptcy, says Guyana President
The Caribbean regional trade bloc Caricom is heading for "bankruptcy" with many islands unable to pay debts and cover costs, Guyana's President Bharrat Jagdeo warned on Friday.
The Caribbean regional trade bloc Caricom is heading for "bankruptcy" with many islands unable to pay debts and cover costs, Guyana's President Bharrat Jagdeo warned on Friday.
"The region is heading towards bankruptcy, if countries could be declared bankrupt," he said at a press conference.
Jagdeo, a Soviet-educated economist, heads a task force of the 15-nation Caribbean Community set up to look at ways the region can address the impact of the global financial crisis.
He said Caricom has been hit by a drop in revenues from tourism and financial services due to the crisis, compounded by a "pernicious" build up of debt and a loss of productivity.
Jagdeo is a leading proponent of debt relief for the region. He and other Caribbean leaders met World Bank World Bank president Robert Zoellick in Dominica last weekend.
Zoellick agreed to work with CARICOM to devise a debt management strategy for each country, Jagdeo said.
