But that is on the event horizon; coming up into the near-term foreground is the specter of the Superbond at the stepped up 8.5% interest rate.
The first payment at that rate is due on August 20th - a shining 46.9 million dollars.
It's included in the budget - but the Government is hoping that events in the next 47 days will force creditors to reconsider the terms of the bond.
We asked the PM today, point blank: Will GOB pay? Here's what he said:
Jules Vasquez
"On August 20, 46.9 million dollars is due. Will Belize pay that superbond step-up rate at 8.5%?"
Prime Minister Dean Barrow - Prime Minister of Belize
"I really can't say. Obviously, we are faced with dilemma. If we didn't put it in the budget; if there was not a line for it, then it means that we would have been signaling that we have no intention of paying. You know the engagement with the bond holders. We conceived of it as being as far as possible amicable - or amicable until it reaches the point where it isn't. And so, I think that would have sent completely the wrong signal, but we have a footnote - and I did make clear that we don't expect to pay this because we are confident that relief there must be. I fully expect that by the time the payment date rolls around, we would have great progress as a consequence of the interaction with the bond holders, and we would see our way at that juncture. I really don't think I can go beyond that now."
