And while Belize's banking and financial services have the equivalent of a triple A rating - who benefits really?
That's what we asked the Minister:
Jules Vasquez
"But really it returns to the benefit of the services sector, the financial services sector. I know you are sympathetic to them, but really the problem we're having is created by the services sector and now they get taxpayers to pay to fix it and they reap all the benefits of our AAA rating."
"How do you respond to that?"
Chris Coye, Min. of State, Ministry of Finance
"I almost 100% disagree with you. I would say that the financial services sector does play a role, played a much more significant role in the past, but why we were where we were is not because of the financial sector."
"Remember what the director spoke to. In the third round, it was basically about technical compliance, the law. We simply didn't even bother to put the law in place. None of what I said has anything to do with the financial services industry."
"So I think that premise is mistaken. I think what we are looking at is the entire economy and what the standards that we need to have in place and the agencies to be well funded to effectively enforce and implement those laws."
