"What did you know and when did you know it?" - that's the challenge that Opposition Leader Dean Barrow put to Development Minister Mark Espat yesterday. Barrow argued that if Espat knew about the December 2004 Government/Universal guarantee, as the Cabinet Minister in charge of the debt restructuring exercise, he was compelled to disclose it to the international creditors who subscribed to the 'Superbond.'
Well today Espat told us that he didn't know about it. He said, "In December of 2004 - neither the Cabinet nor the House approved nor authorized any such guarantee." And speaking of himself and the Financial Secretary Dr. Carla Barnett who led the restructuring exercise, he said, "we acted in good faith; we were not aware that such a guarantee existed."
And more than just disclaiming any knowledge of it, Espat went further; he added that, "I would not support a UHS/GOB guarantee to the Belize Bank...and before there are any discussions about satisfying such a guarantee - there should be a full legal review of its enforceability, and a thorough audit of exactly what constitutes the $33 million."
And for good measure, Espat added that, on principle, "UHS and the Belize Bank should not be allowed to so easily transfer their liabilities to the Government and people and Belize." And just to make sure you've got the context: that's a ranking Cabinet Minister giving a complete rebuttal of a guarantee signed by the Prime Minister and witnessed by the Attorney General.
