Central Bank Governor Cleviston Haynes addressing this morning’s breakfast media briefing. (Picture by Ricardo Leacock.)
Scores of Barbadians will earn less money on their investments as Government’s promised debt restructuring kicks in.
But representatives from Government’s Economic Team, including Central Bank Governor Cleviston Haynes, said there was no alternative as the debt burden was unsustainable.
Details of the debt exchange were given this morning during a breakfast media briefing at the Courtney Blackman Grande Salle. It was hosted by the Central Bank.
Haynes told media representatives that while investors holding Government investments bonds would retain their investment principal, they would have to make do with reduced interest payments, and over a longer period. Savings bonds have not been included in the debt restructuring.
The exchange offer for Barbados dollar denominated debt was launched on September 7 and individual and institutional holders of the securities have until 5 p.m. on October 5 to accept Government’s terms. (SC)