And while government is studying the poll, it needs to be studying its debt crisis! One week ago, we told you that global investment banking experts Bear Stearns gave a mostly unfavorable review to Belize's debt re-profiling scenarios when they were released a week ago. Well Bear Stearns underscored that adverse opinion in its Central American and Caribbean monthly report.
Released today, the report says creditors are finding the terms proposed by government "unacceptable." According to Bear Stearns, the world tour by Belize's financing and re-profiling team has not been well received, and the company's analysts believe that there will not be a settlement by the end of the year.
This tells Bear Stearns that when a multi-million coupon becomes payable on December 12th, government may default. It similarly defaulted on September 30th. According to our senior government sources, such a default is more than possible; it is likely, and government's advisors hope it will give the investor community a jolt and send a signal that Belize is serious about debt re-profiling.
And while Bear Stearns has continued to doubt on Belize's re-profiling strategy, it is worthwhile to recalled that it lost the bid to do the re-profiling.
