Cuts too late
A BARBADIAN SENIOR EXECUTIVE at Credit Suisse in Switzerland says Government’s massive budget cuts could have been less painful had it taken action much earlier.
Omar Gadsby, director and head of fixed income fund selection for Credit Suisse’s Private Banking & Wealth Management in Zurich made the assessment during an interview with the SUNDAY SUN.
He assessed that had Government moved more quickly to address key fiscal problems in a more direct but incremental way, it would not have been forced to cut the deficit by almost half a billion dollars in one fell swoop.
At the same time, the man who oversees the bank’s US$50 billion in mutual fund assets, made it clear that he thought the Government was too big and cuts were necessary.
“Unfortunately, it is always tough when you have to ask people to go home,”?he said. “It is the worst part of being a manager and a leader. But I will say that we are clearly in an environment where we need significant change. And one of the key changes that we have to address is a Government that is too big.