Belize Times August 19, 2012

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Sunday, August 19, 2012

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THE BELIZE TIMES

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Dean’s Default! SUNDAY August 19, 2012

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Issue No. 4809

Belize’s economy in serious danger

PM Dean Barrow

“Standard & Poor’s lowered its sovereign-credit rating on Belize further into junk territory, after the country’s government said it won’t make its coming coupon payment on its bonds due 2029,” stated S&P’s release. Other credit rating agencies are expected to react similarly, as more bad news follows. The Barrow Administration has not been fully open about the reason it is unwilling to meet the next Superbond payment. It had included the payment as part of its debt expenditure in the 2012-2013 Budget and had committed to meeting it, but it is now saying that it “cannot afford [it]”. Bondholders have reacted very sceptically and cynically. They

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More Guatemalans busted stealing Belize’s gold BELIZE CITY, Tuesday, August 14th, 2012 By Alton Humes It seems, now more than ever before, that unless the Belize-Guatemala differendum is permanently and completely settled by both parties, illegal entrants from what is officially a hostile, maleficent neighbor whose citizens cross our borders hand-over-fist without internal penalty and/or reprimand will continue to hold sway and renContinued on page 6

Murder Count almost at 100 BELIZE CITY, August 15th, 2012 With the economy in shambles, Belizeans don’t need any more bad news. But the Barrow Administration’s patent incompetence in dealing with every aspect of the nation’s affairs is causing a shower of bad news for Belizeans. One of them is their inability to reduce the level of murders and violent crime. Last year, the crime rate was the highest. Now the Barrow Administration is one its way to breaking that

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suspect that the Barrow Administration is simply holding out in an attempt to force them to sit and agree to re-negotiate the Superbond, something that they have opposed ever since the Prime Minister first announced that his administration would enter discussions to re-adjust the payment terms. But the real danger for Belizeans is ahead. If the Barrow Administration does not make the Superbond payment by the end of the 30-day grace period, on SepContinued on page 4

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Belize City, August 15, 2012 By announcing a default of its debt obligations, the Barrow Administration has strapped an albatross around the necks of Belizeans and is sentencing the country to many more years of economic depression. Tuesday’s announcement by the UDP Government that it won’t pay the August 20th Superbond coupon sent shockwaves across the world as Belize is now being seen, as Prime Minister Dean Barrow himself forewarned as Opposition Leader in December 2006, a HARD PAY nation. Hours after the announcement, Standard and Poors credit rating agency reacted negatively.

INSIDE THIS ISSUE

US warns of increased crime wave Belize City, August 13, 2012 The Obama Administration has warned the Barrow Government that crime and violence related to drug trafficking could escalate even more if steps are not taken to strengthen Belize’s security environment.

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06 Chantae Guy makes waves at Miss World 11

Honouring Rt. Hon. George Price’s memory

PUP leaders on working visit in US

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Belize Times August 19, 2012 by Belize Times Press - Issuu