Nation e-Edition

‘DLP boxed into corner’

‘DLP boxed into corner’ Political scientist Peter Wickham (FP)

Sat, December 22, 2012 - 12:07 AM

THE DEMOCRATIC LABOUR PARTY GOVERNMENT has boxed itself into a corner by not calling general elections much earlier, and this week’s downgrade by rating agency Moody’s will not make life easier for the Freundel Stuart Administration.

This was the response of political scientist Peter Wickham when asked what effect he thought the downgrade by Moody’s of Barbados’ credit rating to Ba1, into junk territory, would have on the elections.

“I don’t think it does anything more than cement in the people’s minds that things are not good,” Wickham said. “I had said a while ago that I thought because of these things that it was unwise for Government to take [the elections] this far down.

“When the last downgrade was held [by Standard & Poor's last July] and [goverment] had called an early general election they could have avoided all of this. (JS)

Please read the full story in today’s SATURDAY SUN, or in the eNATION edition.

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Posted by Derico Weir 1 year, 10 months ago
I am of the firm belief that Standard oh so Poor has a personal agenda which seeks to denigrate BARBADOS. Especially since the 'small black boys' stood up to them a couple months ago. Their aim is to knock out the government because they stood up to them in the ring. Picking up the shambles of a previous administration and grappling with the world crisis is not an easy task but we are surviving through our resilience. Those things these beefeaters are not concerned with. The attitude is just blunt like a trump manager to a dedicated worker- "you're fired"! Right thinking Bajans are not that giddy-headed to let go of a life-line! Moody/Standard and Poor is a basin initiative to dictate the affairs of independent sovereign nations for their political pleasure but despite efforts by negative soul- selling cohorts we will hold on and out and up. Indeed we will be friends of all and satellites of none. That is our legacy!

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Posted by Carl Harper 1 year, 10 months ago
Not only has the DLP been boxed into a corner on this latest Moody's downgrade to junk status, with mere weeks before general elections, but they are also on the defensive for failing to come clean with the public on the reason for selling the remaining BNB shares at 50 cents below market value to the Trinidadians.

Now that we have heard the defiant spin response by Mr Sinckler to the downgrade, I eagerly await a Press briefing by the Central Bank Governor boasting about hoarding our foreign reserves.

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Posted by Olutoye WALROND 1 year, 10 months ago
Derico Weir seems to have a few things wrong.
In the first place this latest downgrade did not come from Standard and Poor's; it came from Moody's. So to whom did the "poor black boys" stand up: Poor's or Moody's?

But I thought it was to an official of the I.M.F that the standing up took place. As far as I know Standard and Poor's is a financial and market intelligence agency that
provides investors with market intelligence in the form of credit ratings etc.

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Posted by J. Payne 1 year, 10 months ago
"Never eat de bread de devil eat." Why- was DLP borrowing so much from these agencies? When has borrowing from them ever been great for a country? The IMF and all those agencies had already skin-out Argentina's economy causing all kinds of protests, why would we try the same prescription? This party thought those agencies would be a good source of wealth accumulation.
What this party failed to recognize is those agencies amass their wealth from some of the largest corporations on the planet. Those agency's role is to go into a country guarantee money that probably can't be paid back and then give remedies that hollow you out, force austerity, keep you coming back for more loan (re)/financing, and finally to force you to make changes to your law that makes the country more ripe for pillaging by the largest companies on the planet without intervention by local government agencies. The script is used time and time again, and countries keep going back to them because they talk soo sweet about "what they can do for you."
Didn't Barbados throw the IMF out already in the 90s? So why would this party make a plan of bringing them back in such an imbedded way? Not only that, back when they said we had some of the stongest banks in the Americas, Barbados should have been the strongest voice advocating for global reform of the IMF, World Bank, WTO, etc. since the whole global economic crash showed the present system is flawed. Those bodies played a part in facilitating unbridled greed, and have yet to be reformed to be agencies that put the wellness of people as the main goal. Now if Barbados seeks that reform it just sounds like sour-grapes.

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Posted by En Dee 1 year, 10 months ago
I wish that Peter Wickham and the writer(s) had rephrased this comment to say "WE HOPE THAT The Democratic Labour Party Government has boxed itself into a corner". Time will prove these activities irrelevant to the election. At the end of the day our Bajan electorate will want to see that this administration's economists are skilfully handling the combination of debts, obligations and problems left by the last adminstration and the serious global economic challenges now being faced by every country in the world. They will want to see that the team in place is tackling these challenges, never before seen by any government, in a manner that permits Barbados to "keep its head above water" until some kind of "settling down" process occurs. Nobody likes the Moody's or S & P downgrades but we, as other countries small and larger than ours, will have to deal with them. Any sane individual will expect little Barbados to suffer negative impact of the global recession, the worst since the Great Depression, and, any attempt to blame the DLP for that is simply ridiculous. Peter and company should visit sites like the Yale Centre for the Study of Globalization to see what is really happening to the world in this recession. Our few tourists will not be enough to sustain us at the levels of previous years and we do not have any natural resources to sell. Let's get real folk. Nigel D.

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Posted by Bim Bum 1 year, 10 months ago
Gov't. desperately needs revenue:
- that's why they sold off the Bank.

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Posted by Derico Weir 1 year, 10 months ago
Olu, I am obliged- I stand corrected. My convictions however remain the same as it relates to these agencies.

  • 3
Posted by J. Payne 1 year, 10 months ago
If they're boxed, bring on Boxing Day and let we put them out on the curb for refuge pickup.

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