The Caribbean debt crisis: God v bondholders

Posted: November 8, 2013 in economy
Tags: , ,

UK Only Article: 
standard article

Issue: 

Little England or Great Britain?

Fly Title: 

The Caribbean debt crisis

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Small, debt-ridden countries could benefit from divine intervention

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Blessed are the poor

Blessed are the poor

THE pulpits of Grenada, a spice-scented Caribbean island of 100,000 souls, have been ringing with an ungodly phrase recently: debt restructuring. Ever since the government defaulted on its dollar bonds in March, churchmen have called for a write-off of two-thirds of its debt, using the term “jubilee” in its Christian sense, meaning a one-off forgiveness of sins. Priests of different denominations met with the International Monetary Fund (IMF) last month. They sit on a debt committee with government ministers. Keith Mitchell, the prime minister, recently thanked them for their support and quoted the Book of Matthew to explain the need for austerity measures.
The reason debt relief has risen so high up the heavenly agenda is that, like many islands in the …

via Economic Crisis http://www.economist.com/news/finance-and-economics/21589472-small-debt-ridden-countries-could-benefit-divine-intervention-god-v?fsrc=rss

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