Scores of Barbadian investors holding Government debt, including more than 1 700 pensioners, are facing financial “pain” as Barbados seeks to complete its first debt restructuring by next month.
But while helping to fix the $6 billion problem might be too much for some individuals and institutions to bear, senior Government officials on Wednesday warned the island was virtually bankrupt.
Having defaulted on debt payments, there was therefore an urgent need to restore shattered confidence, they said.
The bad news was delivered by Central Bank Governor Cleviston Haynes, Government’s Director of Finance and Planning Ian Carrington, and economic advisor to Prime Minister Mia Mottley, Avinash Persaud. (SC)
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