And the bondholders have been urging government to go the IMF route - the PUP government has flatly resisted. And the UDP agrees, which is why Peyrefitte explained that he thought the government would have enough "talent" to be able to figure out this problem without defaulting.
Senator Michael Peyrefitte
"I heard that they're insisting on an IMF program and the government doesn't want to do an IMF program but when I was involved in restructuring the bond, they were insisting on an IMF program too. So they're always insisted on IMF programs but we always work hard to make sure we can come up with a plan and a proposal that wouldn't necessitate an IMF program. So the government people who are working on it right now just have to double down and work hard."
Reporter:
"So you support the government's position on the IMF when it comes to the bondholders?"
Senator Michael Peyrefitte
"Well that is not the situation you want to move into. When you go into the IMF program, it becomes tough, because it's very cold, the solutions are very cold. So that is a last resort, you go to an IMF program if you believe there is nothing else you can do. But I would have thought with a fresh government, a fresh prime minister, a 15 member economic recovery team, with all these people involved that they would be able to come p with something to generate income to pay our debt so that we don't even have to consider an IMF program. I mean I thought that there enough talent but clearly the PUP is admitting that they don't have enough talent."
