So, there it is, government's top finance man saying what's in the budget is basically set in stone - and there can be no retreat. And, as government enters the toughest phase of its negations with holders of the super bond - that's how it has to be.
There's no wiggle room because government is trying to get bondholders to accept a 30% haircut - and the next bond payment of about 7 million US dollars is due in 10 days.
Government isn't blinking though - it is insisting it has to get that haircut - and the possibility of a life default is real. Here's what the Minister of State for Finance told us today:
Christopher Coye, Minister of State, Ministry of Finance
"We are looking for relief. And if we are to get that relief that means that there will have to be a give. In any discussion or negotiation there will be a back and forth. It's not just an acceptance of what we want and that is the end of it. We would like that, but this is entirely expected and there is continuing engagement and there will be continuing engagement until there is a resolution that Belize agrees with."
Reporter
"So then, do you expect that this is going to go beyond the May 20th payment due date and what will happen with that payment, where do we find the money, do we have the foreign reserves, etc."
Christopher Coye, Minister of State, Ministry of Finance
"It's a process and we have to expect that it would go beyond May 20th. If the bondholders find that they would prefer to reach an agreement before May 20th then we wouldn't have a default."
