January 9th, 2013
If the New Year did not begin badly enough for Jamaica with the lack of an International Monetary Fund (IMF) deal, then hearing that a leading United States newspaper has warned against the island becoming “The Greece of the Western Hemisphere”, would certainly do it.
An article in the Chicago Tribune stated that Jamaica’s debt crisis is in worse economic form than Greece and in fact, Jamaica has more debt in relation to the size of its economy than any other country. Since the island’s debt is currently estimated at J$1.7 trillion, I can very well believe this.
The Chicago Tribune proposes that if Jamaica is to become financially/economically stable, it needs “a restructuring, and a bailout with significant debt relief”. According to the paper, “No way can a small economy that has limped along with growth at less than half the global average for two decades pay back the fortune that it owes”.
So, what do you think of this information? What do you propose Jamaica do to reduce its debt? Go ahead and have your say…