Full Video: The Cost of Corruption... Jamaica's Barrier to Prosperity

[RichD]

No I did not.....what are you saying that the 18 billion was spent on houses???

houses, cars, Planes, villas in the french reviera ... houses in florida , cayman bank accounts lavish parties. $3M cell phone bills

what i am saying is that when you see a $400 million housing project and they can only account for about $100 M worth of work where do you think the money went?

[franksterr]

have you looked a their credit rating?

they have substituted high interest rates for good credit. many things can be overlooked at 19%( although they have been able to go lower now...11%)

Even then.....credit ratings is what dictates a bond success or failure and investors knows this as a high interest means greater potential for default or devaluation....
The well has been poisoned by earlier borrowing from the IMF

[RichD]

Even then.....credit ratings is what dictates a bond success or failure and investors knows this as a high interest means greater potential for default or devaluation....
The well has been poisoned by earlier borrowing from the IMF

right now the Debt Management Unit portion of the Jamaica ministry of finance web site is down ..when it comes back you should take a look its very interesting. breaks down the bond issues the interest rates and the maturity dates.

[franksterr]

houses, cars, Planes, villas in the french reviera ... houses in florida , cayman bank accounts lavish parties. $3M cell phone bills

If you know this dont you think the lenders knew this too ???

what i am saying is that when you see a $400 million housing project and they can only account for about $100 M worth of work where do you think the money went?

That what I am asking you.....?
Where is the Money?

[RichD]

If you know this dont you think the lenders knew this too ???



That what I am asking you.....?
Where is the Money?

the point i'm trying to make to you is that when you float bonds on the private capital markets there is not real interest in where the money has gone ..you are just looking at the repayment risk.
even greece is able to float bonds on the private capital market. despite all their bad press

[RichD]

Where is the Money?

di man dem tief it

[Yuriatin]

You are good brother - man o man, you're good. You are right on point Rich.

Xman - thanks much for posting this documentary!

the point i'm trying to make to you is that when you float bonds on the private capital markets there is not real interest in where the money has gone ..you are just looking at the repayment risk.
even greece is able to float bonds on the private capital market. despite all their bad press

[franksterr]

nonsense


currently Jamaica owes the IMF Just over $500M US

they fully repaid the money borrowed under manley/seaga in the 90's and did not go back until 2010

Show me wear you got those figures?
Mine is current as of may last yr.



Financial observers note that Jamaica is currently paying more debt interest than any other country, including those in Europe that have been reeling under the near collapse of the euro. In total, the island owes around US$18 billion

http://jamaica-gleaner.com/gleaner/20120510/business/business2.html

http://www.bbc.co.uk/news/world-latin-america-17803664

[franksterr]

the point i'm trying to make to you is that when you float bonds on the private capital markets there is not real interest in where the money has gone ..you are just looking at the repayment risk.
even greece is able to float bonds on the private capital market. despite all their bad press

Sure you can float bonds but will it be bought?.....didnt the IMF have to step in with the EU on the Greece issue?

[franksterr]

di man dem tief it..............houses, cars, Planes, villas in the french reviera ... houses in florida , cayman bank accounts lavish parties. $3M cell phone billshouses, cars, Planes, villas in the french reviera

Dont you think its time those monies be return since we know where it is being held or spent by every legal means?

[RichD]

Show me wear you got those figures?
Mine is current as of may last yr.



Financial observers note that Jamaica is currently paying more debt interest than any other country, including those in Europe that have been reeling under the near collapse of the euro. In total, the island owes around US$18 billion

http://jamaica-gleaner.com/gleaner/20120510/business/business2.html

http://www.bbc.co.uk/news/world-latin-america-17803664

here a summary of Jamaica's standing with the IMF

http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=510&date1key=2013-02-08

and here is a summary of the transactions with the IMF

http://www.imf.org/external/np/fin/tad/extrans1.aspx?memberKey1=510&endDate=2012-12-31

[RichD]

Sure you can float bonds but will it be bought?....

Jamaica has never had a problem with a bond issue ..always oversubscribed

[franksterr]

here a summary of Jamaica's standing with the IMF

http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=510&date1key=2013-02-08

and here is a summary of the transactions with the IMF

http://www.imf.org/external/np/fin/t...ate=2012-12-31

This first link I could not access and the second seems to be dealing with Jamaica depleting its drawing rights in a poverty reduction fund that the IMF funded.

Jamaica has never had a problem with a bond issue ..always oversubscribed

Yes and thats precisely because the IMF made is creditwporthy


The Fund also provided cover for the restructuring of Government's domestic debt under the Jamaica Debt Exchange programme. With the debt dynamics of Jamaica leading to a default, having the IMF standing behind the programme with a large loan facility and its seal of approval was invaluable. Yet, at the outset, there was hesitancy in facing up to the reality of the need for IMF assistance.

http://jamaica-gleaner.com/gleaner/20110522/cleisure/cleisure5.html

Are you really questioning the figures from the BBC and the Gleaner??

[RichD]

Are you really questioning the figures from the BBC and the Gleaner??

yuh is a real joker. you nuh know by now that the media is not vested in accuracy? I prefer to trust my own research from primary sources


here is a link to the jamaica ministry of finance debt management unit summary page

http://dmu.mof.gov.jm/public/20111026hseries97-10.pdf

they have a line for how much is owed to IMF

let me know if you have any questions with the interpretation

[RichD]

T

The Fund also provided cover for the restructuring of Government's domestic debt under the Jamaica Debt Exchange programme. With the debt dynamics of Jamaica leading to a default, having the IMF standing behind the programme with a large loan facility and its seal of approval was invaluable. Yet, at the outset, there was hesitancy in facing up to the reality of the need for IMF assistance.

http://jamaica-gleaner.com/gleaner/20110522/cleisure/cleisure5.html

?

do you know what the Jamaica debt exchange was? and do you understand the IMF standby agreement role in it?